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HomeMaritime NewsRegionsAsiaGuangzhou Shipyard reports lower Q1 profit

Guangzhou Shipyard reports lower Q1 profit

Guangzhou Shipyard reports lower Q1 profit
Hong Kong: Guangzhou Shipyard International (GSI) saw a drop in earnings in the first quarter due largely to lower newbuilding prices and a drop in business volume.

First quarter net profit was recorded at RMB54.12m ($8.77m), down 31.84% compared to RMB79.41m in the same period of 2012.

The Hong Kong-listed shipbuilder posted revenue of 909.94m, a plunge of 50.86% from RMB1.85bn a year earlier.

TAGS: Shipyards
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