It is reported that Guangzhou Shipyard International a company mainly involved in the shipbuilding and ship repair businesses, posted a 22.83%YoY decrease in first half 2011 net profit to CNY 263 million with earnings per share of CNY 0.41.

Sales revenue in the same period increased 37.66%YoY to CNY 3.98 billion.

The company attributed the increase in shipbuilding revenue to higher production efficiency. The drop in net profit was attributed to the lower prices of ships, yuan appreciation and higher labor and material costs.

(Sourced from p5w.net)