China's Leading Shipbuilder Profit Plummet

China Daily
Friday, August 31, 2012

China CSSC Holdings Ltd announce net profit shrank by 62.91 percent year-on-year in first half 2012.

The Shanghai-based firm said in a report filed to the Shanghai Stock Exchange that its business revenue totalled 13.14 billion yuan in the first six months, accounting for 51.75 percent of the annual plan.

Earnings per share stood at 0.345 yuan, down from 0.93 yuan in the first six months of 2011, said the company.

CSSC attributed the profit slump to a decline in ship prices and a relatively narrower decline in production costs, as well as losses from ship alterations and lower diesel engine prices.

Due to a significant decrease in the prices of shipping products this year, the company expects its profit in the first three quarters to drop by about 80 percent from the same period last year, it said.

Shares of CSSC ended 3.11 percent down to 18.41 yuan per share on Thursday at the Shanghai Stock Exchange.

 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Two MacGregor Subsea Cranes Ordered for Chinese PSVs

MacGregor, part of Cargotec, has secured a new contract from Chinese shipbuilder, Fujian Mawei Shipbuilding Ltd., for two 100-metric-ton active heave-compensated subsea MacGregor cranes.

First Two Mooring Boats Launched for Port of Ras Laffan

Nakilat has celebrated the delivery of two 16-meter mooring boats built by shipbuilder Nakilat Damen Shipyards Qatar for towage operator Nakilat Svitzer Wijsmuller.

Doosan Delivers a ‘World’s First’ to NASSCO

Doosan Engine has confirmed delivery of the world’s first dual-fuel, low-speed ME-GI engine to the American National Steel and Shipbuilding Company (NASSCO) shipyard in San Diego, USA.

Finance

SC Ports’ Earnings, Volumes Surpass Plans

July cargo volumes deliver strong start to new fiscal year SC Ports Authority reported 2014 fiscal year-end operating earnings of $14.3 million, 20.7 percent over the organization's financial plan.

GoM Sale Yields $110m in High Bids

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,

Traders Store Crude for Profit as Contango Takes Hold

Oil traders have begun fixing tankers to take North Sea, West African and Arab crudes to South Africa for storage, hoping for a repeat of the multimillion dollar bonanza they reaped in 2008-2009.

 
 
Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0961 sec (10 req/sec)