Friday, August 24, 2012

GSI profit falls


GSI profit falls

Guangzhou Shipyard International saw its bottom line slump by two thirds to CNY 88.0m ($13.90m).

Its shipbuilding wing saw its margin shrink to below 5% as the company put together vessels with post-crash price tags.

On an operating level it ran to a loss of CNY 59m on the back of a provision on shipbuilding contracts.

“Under the double pressure of excess capacity of shipping market and shipbuilding, the shipbuilding market [experienced] further deterioration, and new shipbuilding orders dried up,” the yard said.



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