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.
Komec B2B Marketplace: www.shipsol.com
Chinese Blog : blog.sina.com.cn/komec
General Support: +82-51-972-6474, +82-51-972-6478