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China Shipping 2008 net down 96%
2009/3/27
China Shipping Container Lines said its 2008 net profit fell 96 percent from a year earlier due to a slump in exports amid the global financial crisis, and that it expects excess shipping capacity to push revenue down a further 15 percent in 2009.
China''s largest container shipper by capacity said under Chinese accounting standards, its net profit for the 12 months ended December 31 was US$19.2 million, down from $481.3 million in 2007.
Revenue fell 10.8 percent to $5.1 billion from $5.8 billion.
The company''s 2008 net profit under Hong Kong accounting standards fell sharply to $6.3 million from $456.5 million the previous year.
The sharp discrepancy in net profit figures was due to different ways of calculating asset and debt, leading to a different treatment of tax issues, the company said.
The company said its Pacific route and Europe-Mediterranean route bore the brunt of the global economic crisis – both fell not only by volume but also by freight rates.
Volume of the Pacific route fell 20 prcent from a year earlier to 1.30 million TEUs, while that of the Europe-Mediterranean route fell 5.6 percent to 1.38 million TEUs.
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2009/3/27