China Shipping Major Reports 2012 Profits Dip

China Shipping Development Company Limited reports 'Business Income' decreased 9.1% as against 2011 figures.

Chairman of Board Li Shaode reviewed the achievements China Shipping Development made in the year 2012, and the following extracts are from his speech before a gathering of analysts and foundation managers:

Year 2012 saw a sluggish recovery of the world economy, so the shipping market continued the low trend. With rising fuel costs and port charges, suppressed by low freight, many shipping companies are in difficulties. Under the correct leadership of the board of directors, China Shipping has taken steady steps to push forward the strategy of “big ships, big clients, big cooperation”, combined with refined management of production, cost control, plus building of talent teams, maintained a healthy trend of enterprise development.

 The total annual turnover was 389 billion ton/mile, 12.6% increase than last year, total business income 11.05 billion Yuan, a decrease of 9.1%. However, the net profit reached 73.74 million Yuan, which means the company’s efficiency remains the top level among all the shipping companies.

The Hong Kong capital market paid close attention to the presentation meeting. The reaction was satisfactory, which must have meant the meeting was a success, thought China Shipping Development.