BEIJING - China Merchants Energy Shipping Co, a major Chinese international oil tanker operator, said Saturday its annual net profit in 2009 slumped 72.2 percent from a year earlier.
The shipping operator raked in 343 million yuan ($50.2 million) last year, bringing earnings per share down 72.2 percent to 0.1 yuan, according to the company's short statement filed to the Shanghai Stock Exchange.
The shipping giant, with total assets standing at 14.7 billion yuan at present, said its business revenue in 2009 declined 41.9 percent year-on- year to 1.86 billion yuan.
The company did not elaborate on the losses.
China's shipping industry suffered a blow last year as the overseas shipment shrunk due to global economic downturn.
Data from the General Administration of Customs showed the nation's foreign trade shed 13.9 percent from a year earlier to 2.21 trillion U.S. dollars in 2009.