China's Guangzhou Shipyard International Co said on Thursday its net profit for the first quarter is expected to drop by about 50 percent from a year earlier.
"During the first quarter of 2009, the profitability of the company decreased as a result of the rising prices of shipbuilding raw materials and labour cost compared with the same period in 2008," the shipping company said in a statement.
Net profit in the first quarter of 2008 stood at 257.74 million yuan, with earnings per share at 0.5210 yuan, according to Chinese accounting standards, it said.
"During the first quarter of 2009, the profitability of the company decreased as a result of the rising prices of shipbuilding raw materials and labour cost compared with the same period in 2008," the shipping company said in a statement.
Net profit in the first quarter of 2008 stood at 257.74 million yuan, with earnings per share at 0.5210 yuan, according to Chinese accounting standards, it said.