China Shipping H1 net profit down 80.7 pct
China Shipping Development Co. Ltd. (1138.HK) said Wednesday its first-half profit fell 81% from a year earlier on weak demand for dry-bulk-related services.
Profit for the six months ended June 30 was CNY613.64 million, down from CNY3.18 billion in the year-earlier period.
Revenue fell 55% to CNY4.22 billion from CNY9.31 billion.
China Shipping, a unit of state-owned China Shipping (Group) Co., operates a fleet of oil tankers and dry-bulk vessels mainly for carrying coal. The tanker business accounts for more than half of the company's revenue.
Profit for the six months ended June 30 was CNY613.64 million, down from CNY3.18 billion in the year-earlier period.
Revenue fell 55% to CNY4.22 billion from CNY9.31 billion.
China Shipping, a unit of state-owned China Shipping (Group) Co., operates a fleet of oil tankers and dry-bulk vessels mainly for carrying coal. The tanker business accounts for more than half of the company's revenue.