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China's leading shipbuilder CSSC net profit down 38.4% in H1

(Xinhua)
Updated: 2009-08-10 15:57

China CSSC (China State Shipbuilding Corp) Holdings Ltd, the country's leading shipbuilder, announced Saturday it had made a net profit of 1.2 billion yuan ($175.6 million) in the first half of the year, down 38.42 percent year-on-year.

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Net assets profitability ratio was 9.53 percent in six months, declining by 10.25 percentage points year-on-year, due to waning demands and rising material prices, said the company in its half-year report to the Shanghai Stock Exchange.

The Shanghai-listed firm's shares had plummeted 6.76 percent to 92.96 yuan a share Friday before the release of the report.