China Merchants Energy Shipping Co, the nation's top oil carrier, posted a net profit of RMB 848 million in 2007, down 3.86% from a year earlier, according to the company's statement to the Shanghai Stock Exchange, citing the Chinese accounting standards. Earnings per share amounted to RMB 0.25. Turnover was flat at RMB 2.42 billion, versus RMB 2.45 billion in 2006, partly caused by a significant decrease in crude oil shipping rates, the statement said. Revenue from its crude oil transportation businesses tumbled 15.38% to RMB 1.46 billion in the corresponding period.
The accelerated appreciation of Chinese currency against the U.S. dollars also eroded its 2007 profit by RMB 45 million.
Meanwhile, the carrier announced net profit for the 2008 first quarter soared 115.47% year-on-year to hit RMB 442 million.
The board proposed a final dividend of RMB 0.071 per share for 2007.
The accelerated appreciation of Chinese currency against the U.S. dollars also eroded its 2007 profit by RMB 45 million.
Meanwhile, the carrier announced net profit for the 2008 first quarter soared 115.47% year-on-year to hit RMB 442 million.
The board proposed a final dividend of RMB 0.071 per share for 2007.