CRC reports $1.12 billion loss in Q1

The new losses have increased total liability to 2.84 trillion yuan, which accounts for 62.31 percent of total assets.

Zhao Jian, a professor with Beijing Jiaotong University, said this year's commodity freight demand was sluggish and in some regions demand even contracted.

The loss followed a profit surge in 2012 reported by CRC. In 2012, after-tax profit soared 532 percent over a year earlier to 196 million yuan.