Cebu Shipyard profits dip 18pc
Cebu Shipyard, owned by Singapore's Keppel Corp, recorded a 18 per cent drop in profits to 23 million pesos (about HK$4.09 million) in the first half of this year compared with 28 million pesos in January-June 1997. Turnover fell 21 per cent to 131.5 million pesos as a result of the regional economic crisis. Good news was that the value of foreign repairs increased by 2.5 times to 28 million pesos, largely as a result of the cheaper peso. Operating margins were maintained about 19 per cent.