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Shanghai Zhenhua Heavy Industry profit drops

(Xinhua)
Updated: 2010-01-29 15:07
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Shanghai Zhenhua Heavy Industry Co, China's biggest port equipment maker, said its net profit in 2009 slumped 60 percent to 70 percent due to weak demand brought about by the global economic downturn.

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A decrease in the financial assets income last year also contributed to the losses, said the company in a brief statement filed to the Shanghai Stock Exchange Friday.

The company said the result had not been audited, and it would announce specific figures in the annual business report.

The share price of the Shanghai Zhenhua Heavy Industry opened 0.94 percent lower at 9.5 yuan ($1.4) Friday morning.
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