SHANGHAI, Jan 17 - Profit at China Merchants Energy Shipping Co (601872.SS), the country's biggest oil carrier, sank 74 percent in the fourth quarter of last year as the shipping market slowed.
Net profit tumbled to 34.33 million yuan ($5.0 million) from 132.92 million yuan in the fourth quarter of 2007, according to preliminary, unaudited earnings data released by the company on Saturday.
For all of 2008, profit jumped 65 percent to 1.40 billion yuan, on a 32 percent rise in turnover to 3.18 billion yuan.
The company said full-year profit fell due to a 130 million yuan provision resulting from a plunge in the share price of Sinotrans Shipping (0368.HK), in which it is a strategic investor, and a 144 million yuan foreign exchange loss because of the appreciation of the yuan against the dollar.
China Merchants Energy is expected to release a complete, audited 2008 earnings report after several weeks.
Net profit tumbled to 34.33 million yuan ($5.0 million) from 132.92 million yuan in the fourth quarter of 2007, according to preliminary, unaudited earnings data released by the company on Saturday.
For all of 2008, profit jumped 65 percent to 1.40 billion yuan, on a 32 percent rise in turnover to 3.18 billion yuan.
The company said full-year profit fell due to a 130 million yuan provision resulting from a plunge in the share price of Sinotrans Shipping (0368.HK), in which it is a strategic investor, and a 144 million yuan foreign exchange loss because of the appreciation of the yuan
China Merchants Energy is expected to release a complete, audited 2008 earnings report after several weeks.
