CSIC posts lower earnings in H1

China Shipbuilding Industry Co (CSIC) has posted a drop in earnings in the first half ended 30 June 2014.

The Shanghai-listed shipbuilding group reported a first half net profit of RMB1.34bn ($218.03m), down 19.7% compared to a gain of RMB1.67bn in the same period of last year.

Revenue for the state-owned firm also fell 11.5% year-on-year to RMB25.43bn.

In the first six months, CSIC booked newbuilding orders worth RMB49.44bn, up 7.3% year-on-year, and sat on an orderbook value of RMB148.58bn, up 45.8%.

CSIC noted that since the second half of 2013, the global shipbuilding industry has shifted its focus to building high value ships and offshore equipment.

“The global shipbuilding industry has started on a new trend. In the face of new challenges and stiffer competition, CSIC maintains its view of a need to innovate, sharpen technology and streamline operations in order to compete on a global level,” the company said.
Source: Seatrade Global