Taiwan's CSBC Corp nine-month net profit plunged by 62.2%

Taiwan's state-owned shipbuilder CSBC Corp saw its nine-month net profit plunged by 62.2% compared to a year ago despite improved revenues as margins for newbuildings narrowed, Seatrade Asia online reports.

Taipei-listed CSBC registered net profit of NT574.6m ($19.65m) in the January-September period compared to NT$1.52bn in the same period of 2011.

Revenue for the nine months came up to NT$24bn, higher than NT$21.26bn recorded a year earlier.

In the third quarter ended 30 September 2012, CSBC posted profit of NT$208.48m and revenue of NT$8bn, compared to profit of NT$220m and revenue of NT$7.19bn a year ago.