China Ocean Shipping Co. (COSCO), a leading liner shipping company, said Monday that its net profit plunged 54.8 percent year-on-year to 153.66 million yuan (24.39 million U.S. dollars) in 2011.

Its revenue rose 17.17 percent from one year earlier to 5.16 billion yuan. Earnings per share fell 62.5 percent to 0.09 yuan, the company said in a brief statement filed to the Shanghai Stock Exchange, without providing reasons for the sharp profit plunge.

The company's total assets increased 29.21 percent year-on-year to reach 13.08 billion yuan at the end of last year, the statement said.

China's shipping industry has posted sluggish growth during the past two years, due to global economic uncertainties and rising fuel and labor costs.

The company's shares fell 2.66 percent to close at 4.03 yuan on Monday.