Guangzhou Shipbuilding International (GSI) saw revenue decrease last year by 22.57% to RMB6.42bn and net profit suffered a huge decline by 98% to RMB10.3m.

GSI attributed the profit decline to the continued slump in the shipbuilding market and fiercer market competition.

GSI’s non-operating income in 2012 reached RMB269m including RMB260m of subsidies from the government which made up for its actual operating loss of RMB242m.

Source from Sino Ship News