China Merchants Energy Shipping warns of 59% plunge in first half profit

China Merchants Energy Shipping has alerted investors of a 58.5% plunge in net profit for the first half of 2012, Seatrade Asia online reports.

The Shanghai-listed shipping company has estimated a net profit of RMB82.72m ($12.98m) in the first half of 2012, compared to a net profit of RMB199.08m in the same period of last year.

However revenue is expected to increase to RMB20.08bn, up 21.7% year-on-year.