Hong Kong: Hong Kong-listed China Shipping Development has announced yesterday that it estimated the company’s net profit of 2012 will drop by more than 90% to somewhere between zero and RMB50m.
The company said the main reason of the profit drop is mainly due to sluggish demand and overcapacity in the international shipping market, and freight rates remaining at low levels.
BOC International said China Shipping Development’s profit is higher than their expectations, and it could remain in the black mainly due to its strong profit rebound in the fourth quarter of 2012. [01/02/13]
