China CSSC says 2012 profits to be down up to 100 pct
BEIJING (Reuters) - China CSSC Holdings Ltc (600150.SS), the listed arm of China's biggest shipbuilder, expects to show little or no net profit in 2012 thanks to the impact of declining prices in a sluggish industry.
The company's net result for 2012 will fall by 95-100 percent of the 2011 figure of 2.52 billion yuan ($400 million), state-run news agency Xinhua quoted the company as saying in a filing with the Shanghai Stock Exchange.
After a brief recovery in 2010, China's shipbuilding industry has been on the decline, hit by rising operating costs and a global shipping market that has been oversupplied by a glut of ships ordered before the 2008 financial crisis.
Some global players have said the industry should begin to recover in the first quarter of this year but a report cited by Xinhua from the Shanghai International Shipping Institute said the downturn in China was likely to continue in the first quarter of the year.
(Reporting by Terril Yue Jones; editing by Patrick Graham)
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