Guangzhou Shipyard H1 net profit down to $41.2m

Guangzhou Shipyard has blamed rising labour costs, stronger Chinese currency and vessels price decline for its lower net profit in the first-half of this year, Seatrade Asia online reports.The Chinese yard posted net profit of RMB263.4m ($41.2m) in the first six months compared to a profit of RMB341.3m in the same period of 2010.

Revenue improved to RMB4bn compared to RMB2.8bn a year ago.

An impairment loss of RMB179.5m also contributed to the lower net profit, Guangzhou Shipyard said in a statement.