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Sharp drop in CSBC full year profit

Sharp drop in CSBC full year profit
Taipei: Taiwanese state shipbuilder CSBC Corporation's net profit in 2012 plummeted sharply as the yard failed to boost its orderbook.

Last year, net profit plunged to NT$706.64m ($23.68m), down 59.4% compared to NT$1.74bn in 2011.

Revenue rose slightly to NT$30.81bn in 2012 compared to NT$28.97bn in the previous year.

The Taipei-listed shipbuilder is looking forward to ink an order to build eight 1,800 teu container vessels worth a total of approximately $192m. The potential order will break the yard's containership order drought of close to two years.

CSBC won only one new order in 2012 to build two 35,000 dwt dry bulk carriers for China Steel Express. The newbuildings are scheduled for delivery in the last quarter of this year.

The two yards of CSBC – Kaohsiung and Keelung – are still sitting on orders of containerships from Yang Ming Marine Transport Corp, Wan Hai Lines and Ofer Maritime, and dry bulk carriers booked by China Steel Express Corp.

TAGS: Shipyards