Rongsheng issues profit warning

Shipbuilder China Rongsheng Heavy Industries has a warned for a “significant” drop in its first half profits for 2012, Seatrade Asia online reports.

Hong Kong-listed Rongsheng said based on preliminary estimations it expected “ a significant decrease” in profit for the first half of 2012 compared to the same period a year earlier.

“During the first half of the year 2012, as affected by the decline of the shipbuilding market, the orders and prices of ships dropped sharply as compared with last year, which resulted in the decrease in profits of the group,” Rongsheng said.