Chinese shipbuilder Sainty Marine which has conflicts with owners over deliveries turned out to have shown a poor performance last year.
Shipbuilding and related industries negatively affected by global economic crisis in the full 2012 showed a trend of downturn and accordingly, the rate of owners’ advanced payment sharply lowered and deliveries were delayed greatly that the industry’s performance generally showed depressed condition.
Sainty Marine said on February 28 through a regulatory filing that the company’s operating profit, gross profit and net profit of shareholders of listed companies all decreased by 66.16%, 55.88% and 56.30% in the full year of 2012, respectively, against the same time period of last year.
Behind the poor performance, there are several factors analyzed; gross profit margin of last year fell from the previous year, expenses in interest expanded by increased bank loans and issuance of corporate bond.