August 21, 2012 / 8:38 AM / 5 years ago

China Rongsheng H1 net slumps as ship orders dry up

HONG KONG, Aug 21 (Reuters) - China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, posted an 82 percent fall in first-half net profit as a glut of vessels ordered during the boom times meant it won few new orders.

January-June net profit slumped to 215.78 million yuan ($33.93 million) from 1.22 billion yuan a year ago, the company said in a statement on Tuesday.

Listed in November 2010, Rongsheng has also been hit by an insider dealing scandal involving a firm owned by its chairman Zhang Zhirong ahead of CNOOC’s $15.1 billion bid for Canadian oil firm Nexen Inc.

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