Profits hit as shipbuilders enter choppy waters
Updated: 2013-03-27 16:49
(chinadaily.com.cn)
|
|||||||||||
Profits of two of China's major shipbuilders plunged last year amid an industry downturn.
China CSSC Holdings Ltd, the Shanghai-listed arm of the nation's largest shipbuilder China State Shipbuilding Corp, last year only generated 1 percent of its net profit in 2011, while Guangzhou Shipyard International Co Ltd reported a 98.01 percent year-on-year slump in 2012 net profit.
Severe market sluggishness and a lingering hangover from the financial crisis have led to significant drops in completed shipbuilding orders and new contracts, the two companies said in separate filings on Tuesday.
China CSSC Holdings' net profit dropped 98.81 percent to 26.87 million yuan ($4.27 million), while Guangzhou Shipyard International's net profit tumbled 98 percent to 10.33 million yuan.
China CSSC Holdings posted profit of 546 million yuan in the first three quarters in 2012, meaning it generated a loss of more than 500 million yuan in the final three months.
Data from the Ministry of Industry and Information Technology showed Chinese shipbuilders completed orders fell 21.4 percent year-on-year in 2012, while new orders dropped 43.6 percent.
Related Stories
CSSC Holdings expects profits to slump 2013-01-14 15:41
Shipbuilder CSSC H1 profit down 63% 2012-08-31 11:15
CSSC enters logistics business 2012-08-27 19:05
China CSSC Holdings H1 profits up 4% 2010-08-05 11:18
China's leading shipbuilder CSSC net profit down 38.4% in H1 2009-08-10 15:57
Today's Top News
Police continue manhunt for 2nd bombing suspect
H7N9 flu transmission studied
8% growth predicted for Q2
Nuke reactor gets foreign contract
First couple on Time's list of most influential
'Green' awareness levels drop in Beijing
Palace Museum spruces up
Trading channels 'need to broaden'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |
Firms crave cyber connection |