Hong Kong: China’s largest private shipyard, Jiangsu Rongsheng Heavy Industries, posted its worst interims ever Tuesday with profits sliding 82% to 215.78 million yuan ($33.9 million).
"The shipbuilding industry is expected to continue its consolidation and to experience further restructuring with the elimination of low-end surplus capacities," it said in its results statementã€‚
Reuters noted that Rongsheng's market value has shrunk by more than 86 percent to HK$7.8 billion since its initial public offering since its 2010 debut on the Hong Kong stock exchange at HK$8 per share. The stock ended down 1.8 percent on Tuesday at HK$1.11. [22/08/12]