China CSSC Holdings Ltd. (600150.SH), the listed arm of China’s largest shipbuilder, said Saturday its profit likely shrank by 95% to 100% year on year in 2012, as the result of a sluggish shipping industry, according to China’s state-run Xinhua News Agency.
The Shanghai firm said in a filing to the Shanghai Stock Exchange the slump will largely be attributable to a substantial decline in new building prices on a lingering shipping downturn, Xinhua reported. The company’s net profit hit 2.52 billion yuan ($400 million) in 2011.
China’s shipping industry has been hit by a supply-and-demand imbalance and rising operating costs, Xinhua said.
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