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China Shipping Development posts RMB 495 mln loss for H1

Aug. 22, 2012 (China Knowledge) - China Shipping Development Co Ltd<600026><1138>, the largest carrier of crude oil in mainland China, has announced yesterday that it booked a loss of RMB 495 million in the first half of this year, whereas it earned RMB 684-million profit in the same period of last year.

Losses per share were nearly RMB 0.15 during the period, according to the company's interim report.

The firm said that that loss was a result of sustained downturn in the global shipping market.

China Shipping Development saw its operating revenue fall 8.61% YoY to RMB 5.67 billion in the first six months.

The shipping volume of the company rose 12.9% YoY to 186.2 billion tonne-nautical miles in H1.

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