CSSC Holdings expects profits to slump

China CSSC Holdings Ltd, the listed unit of shipbuilding conglomerate China State Shipbuilding Corp, said on Friday that it expects its net profit in 2012 to decline more than 95 percent year-on-year.

In 2011, the company posted a net profit of 2.25 billion yuan ($351 million). During the first three quarters of 2012, it reported a net profit of 546 million yuan, the lowest in three years.

The company blamed its financial woes on the market downturn in the global shipping industry.

It will release its 2012 financial statement on April 20.

According to data from the Chinese General Administration of Customs, the value of the country's vessel exports declined 8.1 percent during the January to November period in 2012 year-on-year to $36.6 billion. Analysts said the market will remain difficult for the first quarter of this year.

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