First-quarter results at China Shipbuilding Industry Co Ltd (CSICL) were hit by high steel costs and rising expenses in research and development, even as the Shanghai-listed shipbuilder managed to stay in the black on one-off accounting gains.
Excluding all one-off items, CSICL posted net loss of CNY 535m ($79.4m) for January-March, compared with a net profit of CNY 255m during the same period of 2018.
