Declining prices, appreciation of the Chinese currency against the US dollar and changes in the demand-supply relationship in the shipbuilding market led to costs exceeding revenue in the group's shipbuilding business and resulted in a loss of RMB415.34m for contracts in the current year, GSI said.
Income from the key shipbuilding operations fell by more than a quarter to RMB5.27bn leading to an operating loss of RMB 241.87m. This was caused by lower prices, with shipbuilding output value falling 25.2% to RMB5.26bn. Inroads made in the non-ship business segment however, with output value from these businesses rising by more than half from the year before to RMB914m.
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