| Singapore-listed Chinese shipbuilding group JES International has announced another loss for 2014. In a Singapore Exchange filing, JES International said it had a loss of CNY290.466 million (USD46.83 million), which was lower than the CNY552.191 million loss for 2013. However, its fourth-quarter 2014 result was worse year on year, with a USD222.476 million loss for the period, compared with a USD182.277 million loss for the fourth quarter of 2013. The shipbuilding group said a slowdown in ship production rendered it unable to cover its overhead costs. JES International's former CEO Jin Xin stepped down in the wake of its financial woes. The company is currently led by his daughter Jin Yu. The company's subsidiary Jiangsu Eastern Heavy Industry (JEHI) shipyard has filed for court-led restructuring in China. JEHI filed to Taizhou Intermediate People's Court for restructuring of its debts on 4 March to improve its financial position. "Once approval is granted by the court, JES will commence the restructuring exercise. The restructuring exercise will optimise shareholder's value, and JES will be better positioned to recover from the industry downturn," said Jin Yu. |