Asia

AVIC Singapore suffers huge profit drop

Singapore: Despite revenues rising 40% in 2012 to RMB139.6m AVIC International Investments saw its net profit slashed 79% to RMB8.5m

AVIC International Investments Limited (AVIC Singapore) is the Singapore-listed shipbuilding management arm of AVIC International Beijing, part of state-run Aviation Industry Corporation of China (AVIC) group of companies. AVIC Singapore bought out Finnish designer Deltamarin last year.

“With sluggish global economic recovery, the global shipping industry remains challenging,” the shipbuilding specialist noted in a release.  

“Notwithstanding the challenges in the industry, the group will continue to focus on its diversification growth strategy, through the expansion of its business to become a well-rounded global shipping industry leader with capabilities across the ship design, shipbuilding and ship-trading related businesses.

“We remain cautiously optimistic that the international shipping industry will recover eventually, and are preparing ourselves for the upturn.”  [27/02/13]

 

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