China Shipbuilding Industry Corp (CSIC) posted a first quarter profit of RMB211.32m ($32.64m), a considerable drop of 43.2% from RMB371.82m in the same period of 2015.
Shanghai-listed CSIC, however, managed a 11.8% year-on-year increase in revenue to RMB10.11bn.
China State Shipbuilding Corp (CSSC), on the other hand, recorded a profit of RMB115.72m in the quarter ended 31 March 2016, down 7% from RMB124.48m in the previous corresponding period.
The quarterly revenue for CSSC stood at RMB5.85bn, a drop of 13.2% year-on-year.
Amid the severe recession and consolidation of China’s shipbuilding industry, talks have surfaced on the merger of CSIC and CSSC.
In the shipping sector, the two state-run conglomerates China Cosco Group and China Shipping Group have merged to form China Cosco Shipping Corp (Coscocs).
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