AVIC International Maritime Holdings Limited announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's revenue was RMB 112 million compared with RMB 172.4 million a year ago. Loss for the period was RMB 8.3 million compared with RMB 6.5 million a year ago. Loss attributable to equity holders was RMB 12.8 million compared with RMB 4.1 million a year ago. Loss per diluted share was RMB 4.47 against RMB 1.45 a year ago. Profit before income tax was RMB 1.377 million compared with RMB 3.442 million a year ago. Net cash used in operating activities was RMB 65.340 million compared with RMB 104.260 million a year ago. Purchase of plant and equipment was RMB 0.627 million compared with RMB 0.995 million a year ago. Purchase of intangible assets was RMB 0.73 million against RMB 0.163 million a year ago. The decrease in revenue was mainly due to shipbuilding construction service revenue declining by RMB 76.9 million to RMB 0.1 million due to completion of the Sri Lanka project, and Ship-design service revenue declining by RMB 5.0 million to RMB 59.3 million due to variations in the milestones achieved in respect of ship-design work in progress.


For the year, the company's revenue was RMB 426.3 million compared with RMB 591.4 million a year ago. Loss for the period was RMB 27.1 million compared with RMB 8.5 million a year ago. Loss attributable to equity holders was RMB 28.6 million compared with RMB 4.2 million a year ago. The decrease in revenue was mainly due to the decline in shipbuilding revenue and ship design service income. The decrease was partially offset by the increase in income from sales of vessels, and financial lease. Loss before income tax was RMB 13.154 million compared with profit of RMB 8.892 million a year ago. Net cash used in operating activities was RMB 169.317 million compared with RMB 107.264 million a year ago. Purchase of plant and equipment was RMB 1.350 million compared with RMB 2.848 million a year ago. Purchase of intangible assets was RMB 1.064 million compared with RMB 3.013 million a year ago. Loss per diluted share was RMB 10.01 against RMB 1.47 a year ago

For the quarter, the company's plant and equipment written off was RMB 6,000 against RMB 5,000 a year ago.