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HomeMaritime NewsRegionsAsiaCSBC posts 20% drop in 2013 sales

CSBC posts 20% drop in 2013 sales

CSBC posts 20% drop in 2013 sales
Taiwanese state shipbuilder CSBC Corp reported a drop in consolidated sales in 2013 due largely to the downturn of the global shipbuilding industry, reports said.

The Taipei-listed shipyard posted NT$24.89bn ($831.05m) in consolidated sales last year, down19.6% compared to NT$30.95bn recorded in 2012, the Taipei Times quoted the yard's filing to the stock exchange.

“Fewer deliveries of vessels, as well as foreign exchange losses, may be two major factors that dragged down the company's sales last year,” SinoPac Securities Investment Service said in a research note.

CSBC delivered 13 ships in 2013, lesser than 16 delivered in 2012. The yard said that some owners had requested for delayed deliveries amid the weak sentiment of the global shipping market.

SinoPac Securities, however, forecast that CSBC would post higher sales this year at NT$26.8bn and report a profit of NT$440m as the health of the shipbuilding sector gradually improves.

TAGS: Shipyards
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