China's five major listed shipyards turn out to have seen poor financial records during the first three quarters of 2012.
According to China Association of National Shipbuilding Industry (CANSI), the China State Shipbuilding Corporation (CSSC), Guangzhou Shipyard International (GSI), Rongsheng Heavy Industries, Sainty Marine, except China Shipbuilding Industry Co (CSIC), have seen decrease in earnings by over 65%, on average.
During the first nine months of the year, CSSC has recorded CNY 18.85bn ($3.02bn) of operating revenue, down by 9.7% year-on-year, and CNY 546m of net profit, plunged by 70.3%.
GSI's operating revenue and net profit declined by 20.8% and 89.4% to CNY 4.83bn and CNY 43.4m each and Sainty Marine's operating revenue and net profit dropped by 15.05% and 65.14% each to CNY 1.66bn and CNY 56.71m.
As for Rongsheng, its nine-month revenue fell to CNY 6.49bn, with the operating loss standing at CNY 482m. Net profit and total profit remained at CNY 25.69m and CNY 58.3m, respectively.
On the other hand, unlike other shipyards, CSIC has not decreased much in net profit.
Its operating revenue slightly rose by 1.4% year-on-year to CNY 49.01bn, while net profit decreased by 20.3% to CNY 3.62bn.
Due to diversified product mis of warship, offshore, energy, etc., CSIC has succeeded to balance off losses from traditional commercial ship segment.