CSAV sinks deeper into the red

摘要

CSAV, the embattled Chilean shipping line, reported heavy losses for H1 09, blaming an unprecedented slump in demand.rnThe carrier is already in the process of a recapitalisation program to shore up its battered finances.rnRevenue for the first six months sunk 37% to USD1.5 billion, sending net earnings into a loss of USD413 million for the first six months. This compares with a net profit of USD 18 million for the same period last year.