Fri, Jan 10, 2014 - Page 14 News List

CSBC sees sales decline based on weak sentiment

By Amy Su  /  Staff reporter

CSBC Corp, Taiwan (CSBC, 台灣國際造船), the nation’s only listed shipbuilder, yesterday said consolidated sales last year declined by nearly 20 percent from 2012.

CSBC said the decline was due to sluggish sentiment in the shipping industry and saw the scheduled delivery of some vessels delayed to this year.

CSBC’s consolidated revenue totaled NT$2.4 billion (US$79.33 million) last month, up 36.14 percent from a year earlier and 9.59 percent from November, the company said in a stock exchange filing.

However, for the whole of last year, the company posted NT$24.89 billion in consolidated sales, down 19.56 percent from the NT$30.95 billion recorded in 2012, the filing showed.

“Fewer deliveries of vessels, as well as foreign exchange losses, may be two major factors that dragged down the company’s sales last year,” SinoPac Securities Investment Service (永豐金投顧) said in a research note.

The Greater Kaohsiung-based shipbuilder delivered 16 ships in 2012, but saw that number fall to 13 last year after some clients requested delayed deliveries amid weak sentiment in the global shipping industry, SinoPac Securities said.

SinoPac Securities forecast CSBC would post higher sales this year at NT$26.8 billion and report a net profit of NT$440 million, or earnings per share of NT$0.59, as demand in the global shipbuilding industry recovers gradually.

In the first three quarters last year, the company post a net profit of NT$378.19 million, or earnings per shares of NT$0.51.

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