China CSSC (China State Shipbuilding Corp.) Holdings Ltd., the country's leading shipbuilder, announced Saturday it had made a net profit of 1.2 billion yuan (175.6 million U.S. dollars) in the first half of the year, down 38.42 percent year on year.

Net assets profitability ratio was 9.53 percent in six months, declining by 10.25 percentage points year on year, due to waning demands and rising material prices, said the company in its half-year report to the Shanghai Stock Exchange.

The Shanghai-listed firm's shares had plummeted 6.76 percent to 92.96 yuan a share Friday before the release of the report.

(Xinhua News Agency August 9, 2009)