China Shipping Container Lines (CSCL)’s profit plunged 97% year on year (y/y) to CNY14.3 million (USD2.2 million) in the first six months of 2015 because of less investment income.
CSCL’s revenue fell 9% y/y to CNY16.0 billion during the same period because of falling shipping freight rates, a stock filing of the company said on 28 August.
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CSCL’s transport volume of heavy boxes rose 1% y/y to 4.0 million teu.
Excluding one-off items, CSCL returned to the black with a profit of CNY11.8 million.
As of 30 June, the company’s total capacity stood at 909,000 teu, with an average age of 8.3 years. Of the total fleet, container ships with capacity over 4,000 teu each accounted for 90% of CSCL’s total fleet.
In the first half in 2014, the company reaped about CNY910.6 million in proceeds by disposals of non-core business and its terminal-operating subsidiary.