THE China Shipping Development Company's net profit fell 80.2 per cent year on year to CNY1.06 billion (US$1.5 million) drawn from its 2009 revenues of CNY8.73 billion, a decline of 49.3 per cent.

The domestic business accounted for 61.9 per cent of the shipping revenues and international sales accounted for 38.1 per cent from shipping, according to its annual report.



Oil volumes made the biggest contribution - 57.6 per cent or CNY4.9 million to shipping revenue - up 21.4 per cent to 126.2 billion tonnes year on year. Bulk revenues were down 61.3 per cent to CNY3.6 million with volume down 23.8 per cent year on year to 95.4 billion tonnes.