SHANGHAI Haixing Shipping's share price plummeted more than 20 per cent yesterday to a record low of 82 cents after the announcement of a daunting interim result last Friday.
The state-owned shipping company, which listed as an H-share on the Hong Kong stock exchange last year, saw its share price sink by 26.8 per cent yesterday.
Selling pressure came in response to the disappointing interim results, under which the company recorded a 72.7 per cent drop in attributable profits for the year to June.
Net profits stood at 50.5 million yuan (about HK$46.97 million) against 185 million achieved in the same period a year ago.
The profits were mainly derived from selling company assets rather than from the core shipping business.
The company sold seven older vessels, of which four were dry bulk carriers and three oil tankers, with a total 150,000 deadweight tonnes during the period.
The sales contributed to about 80 per cent of the net profit for the first half.
