“Due to reduced newbuilding completion works in the first half of 2013 leading to lower earnings, the company is anticipating a loss or a huge drop in profit for the first half of the financial year,” CSSC said in a statement.
First quarter profit at the Chinese state yard dropped 73.1% to RMB70.74m ($11.47m) from RMB262.81m a year ago.
Revenue also dropped 38.9% year-on-year to RMB3.81bn.
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