State-run CSBC Corp, Taiwan (CSBC, 台灣國際造船), formerly known as China Shipbuilding Corp, said its target gross profit would drop NT$770 million (US$25.4 million), or 31.3 percent year-on-year, to NT$1.69 billion this year, owing to higher shipbuilding costs and pension-fund expenses of NT$967 million.
CSBC estimates its total operating revenue and expenses will reach NT$29.85 billion and NT$28.02 billion this year, leaving NT$1.83 billion in earnings before tax, its latest report showed.
CSBC said it had secured orders until the second quarter of 2012, including 68 commercial ships, valued at around NT$140.08 billion.
Although the global shipbuilding market is likely to remain active this year, CSBC chairman Cheng Wen-lon (鄭文隆) yesterday told the legislature’s Economics Committee that he was worried about the market’s future.
As shipbuilders in other countries have all improved their production capabilities, the excess capacity was likely to affect the global shipbuilding market after 2010, Cheng said.
“CSBC’s orders of 68 commercial ships account for just 1.2 percent of the global shipbuilding output, at 9,198 units, as CSBC selects our ship owners carefully,” Cheng said.
Meanwhile, CSBC said it planned to complete its privatization between the end of November and mid-December, by selling 51 percent of its shares.
“The final selling price per share will be decided between August and September, after the Ministry of Economic Affairs invites experts to determine the company’s current net worth,” CSBC president Li Chih-cheng (李志城), said yesterday.
Up to 35 percent of the planned sale, or 17.85 percent of shares, will be reserved for CSBC’s employees, Li said, adding that CSBC currently has 2,660 employees.
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