Evergreen Holding Group, the parent group of Sinopacific Shipbuilding, posted a 15% year-on-year (y/y) decline in the operating profit for its shipbuilding segment in 2014 amid depressed newbuilding market and financial pressures.
The operating profit for the segment, including the building of offshore engineering vessels, liquefied gas carriers, and bulk carriers, totalled CNY894 million (USD144 million) in 2014, according to the annual report of Evergreen Holding.
The revenue of the segment rose 10% y/y to CNY7.0 billion in 2014.
For offshore engineering vessels, the operating profit gained 0.6% y/y to CNY721 million, while the operating profit for bulkers was down 28% y/y to CNY209 million.
For its liquefied gas carriers, the figure sank to the red with losses of CNY36 million in 2014, down from CNY43 million profit in 2013.
In addition, the company said it recorded CNY39 million in losses as of the end of 2014 over cancellations of newbuilding orders.
Evergreen Holding also raced to raise funds amid financial pressures in 2014.