China Merchants Energy Shipping posted a big drop in net profit in 2012 despite a marginal improvement in revenue, Seatrade Asia online reports. The Shanghai-listed company recorded net profit of RMB86m ($13.8m) last year, down 47% compared to RMB162.52m in 2011.
Revenue improved 2.8% year-on-year to RMB2.79bn. China Merchants Energy Shipping blamed the drop in profit to the sluggish dry bulk carrier and oil tanker markets as attested by low freight rates.
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