Naikai Zosen announced its net earnings in the six months to September 30 were JPY 989m, declining from JPY 1.61bn in a year ago.
The Japanese shipyard's revenue also plummeted to JPY 16.1bn 36% down from JPY 25.4bn in the same time frame. Operating profit fell 51% to JPY 1.9bn.
During the six-month period it booked only two newbuildings and the order backlog now stands at nine ships.
To make it worse, the company is expecting a full-year profit of JPY 310m.
This means Naikai Zosen would post losses of around JPY 680m in the second half of this fiscal year.
Published : November 5, 2012