Shipper's Q3 profit sinks 81%
By Ding Yining |
October 24, 2009, Saturday
|
Print Edition
Print Edition
CHINA Shipping Development Co has said its net profit for the third quarter sank 81 percent year on year after overcapacity hurt its dry bulk and crude oil carrier operations.
Its net income for the July-September period totaled 292 million yuan (US$43 million) on revenue of 2.36 billion yuan, which was down from 5.01 billion yuan in the same period last year, the shipper said in a statement to the Shanghai Stock Exchange.
The shipper's net income for the first nine months of this year plunged 80.8 percent from a year earlier to 906 million yuan on revenue of 6.57 billion yuan which was 54 percent less from the year-earlier period.
Its full year profit may fall more than 50 percent from that of last year on the sluggish market situation, the statement said.
The Baltic Dry Index, a measure of shipping rates for dry bulk goods, rallied to above 4,000 points in June after dropping to only 773 points at the end of last year.
"The market is on track for a stable recovery but the demand for crude and commodities will take a longer time to rebound," a Galaxy Securities report said.
"The stock will have larger potential to rebound in the second half of 2010, and we remain cautious over its earnings for the rest of the year."
Its net income for the July-September period totaled 292 million yuan (US$43 million) on revenue of 2.36 billion yuan, which was down from 5.01 billion yuan in the same period last year, the shipper said in a statement to the Shanghai Stock Exchange.
The shipper's net income for the first nine months of this year plunged 80.8 percent from a year earlier to 906 million yuan on revenue of 6.57 billion yuan which was 54 percent less from the year-earlier period.
Its full year profit may fall more than 50 percent from that of last year on the sluggish market situation, the statement said.
The Baltic Dry Index, a measure of shipping rates for dry bulk goods, rallied to above 4,000 points in June after dropping to only 773 points at the end of last year.
"The market is on track for a stable recovery but the demand for crude and commodities will take a longer time to rebound," a Galaxy Securities report said.
"The stock will have larger potential to rebound in the second half of 2010, and we remain cautious over its earnings for the rest of the year."
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