The Hong Kong-listed company blamed the decline of the shipbuilding market in the first half of 2012 when prices of newbuildings dropped sharply, causing a decrease in profits for the company.

“Moreover, in order to maintain normal production and operation, the company secured a batch of six vessels in the first half of the year 2012, and could make an impairment loss for these vessels,” GSI said.

GSI posted a net profit of RMB263.39m ($41.23m) in the first half of 2011.

http://www.turkishmaritime.com.tr/

source: seatrade-asia