• 2012 August 30 18:03

  Shin Yang Shipping profit down 41.2%

  

  Malaysia-based shipbuilder and shipowner Shin Yang Shipping suffered a cut in annual net profit due to a slowdown in demand for shipping coupled with increase in operating expenditures, Seatrade Asia online reports.
  
  The Kuala Lumpur-listed company posted net profit in the year ended 30 June 2012 of RMB44.89m ($14.34m), down 41.2% compared to a profit of RMB76.37m a year ago. Annual revenue grew 21.8% year-on-year to RMN721.1m.
  
  “The increase was mainly attributed to the improvement of revenue generated from the domestic and coastal shipping operations and Middle East's operations,” Shin Yang said.
  
  The company added that the shipping industry had not shown signs of recovery and vessel capacity continues to put petroleum and chemical freight rates under pressure over the short to medium term.

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2024 November 6

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