CSBC posts 72% plunge in H1 profit

Taiwan's state-owned shipbuilder CSBC announced a big drop in first half net profit as revenue also fell, Seatrade Asia online reports.

Net profit in the first six months plunged by 71.8% to NT$366.1m ($12.22m) compared to NT$1.3bn in the same period of 2011.

Revenue declined by 13.7% to NT$16bn compared to NT$14.07bn a year ago.

Lower margins from shipbuilding were blamed for the poorer set of results, according to CSBC.