The Shanghai and Hong Kong-listed shipping company registered a full year net profit of RMB73.74m ($11.85m), a plunge of 93% compared to a profit of RMB1.06bn in 2011. The figures were in line with the company's expectations of approximately 90% plummet in profits.
CSDC achieved gains on revaluation of investment properties of RMB439.13m last year compared to just RMB16.49m in 2011.
Revenue declined 9.1% year-on-year to RMB11.05bn.
Meanwhile, CSDC admitted that it will “actively negotiate with shipyards to delay the construction and delivery schedule of part of the new vessels”.
The company has 31 new vessels with a total tonnage of 2,776,000 dwt scheduled to be delivered for use in 2013, including six tankers and 25 dry bulk carriers.
“As the current oversupply condition of the shipping market is yet to improve, the company will also be under relatively greater pressure to deliver new vessels,” it said.
Looking into 2013, CSDC believed that it will be able to improve its core competitiveness in the sluggish shipping market by adapting to the large vessels and low carbon development trends to make scientific and reasonable adjustment to the fleet structure.
It will also continue to promote its LNG business by exploring new LNG transportation projects and establishing its own LNG fleet.
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