China Shipping H1 net profit down 80.7 pct

China Shipping Development Co. Ltd. (1138.HK) said Wednesday its first-half profit fell 81% from a year earlier on weak demand for dry-bulk-related services.

Profit for the six months ended June 30 was CNY613.64 million, down from CNY3.18 billion in the year-earlier period.

Revenue fell 55% to CNY4.22 billion from CNY9.31 billion.

China Shipping, a unit of state-owned China Shipping (Group) Co., operates a fleet of oil tankers and dry-bulk vessels mainly for carrying coal. The tanker business accounts for more than half of the company's revenue.

Source: http://www.easybourse.com