Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Shipyard reports 140% jump in net profit
Adjust font size:

China State Shipbuilding Co., the nation's biggest shipyard, said its 2007 net profit soared 140 percent as it increased production to meet rising demand for vessels and diesel engines.

Net income reached 2.92 billion yuan (411.3 million U.S. dollars) or 5.53 yuan per share last year, up from 1.22 billion yuan or 2.63 yuan per share in 2006, the Shanghai-based company said in a statement.

Sales rose 52.3 percent to 17.9 billion yuan last year after the state-owned company turned out 85 ships, with total carrying capacity of 6.55 million tons, the second largest output in the world.

Shipbuilding contributed to 70 percent of its revenues, diesel engine manufacturing 14 percent and ship repairs 11 percent.

Chinese shipbuilders received orders for vessels totaling about 100 million deadweight tonnage last year, 43 percent of the world total, the statement quoted data from the China Ship Marketing Research Center as saying.

China had "occupied the mainstream shipbuilding market" as one of the three largest ship manufacturers along with South Korea and Japan, it said.

China State Shipbuilding said 2008 sales were expected to rise 36.3 percent to 24.4 billion yuan as it planned to take orders worth 25.6 billion yuan.

The company would also increase shipbuilding efficiency, expand diesel engine production capacity and put new repair docks into operation this year.

China State Shipbuilding aims to become the number one shipbuilder in the world in 2012, with production capacity lifted to 14 million tons from the current 4 million tons, according to its website.

(Xinhua News Agency March 18, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Farmers develop ship-building for international clients
- Shipbuilding tonnage up 30% in 2007
- Rolls-Royce taps shipbuilding boom
- China Mulls Measures to Cool Investment in Shipbuilding
- China to Adopt Shipbuilding License System
Most Viewed >>
- Per capita housing space triples in 20 years
- Jim Rogers: Don't sell Chinese stocks
- China Huaneng the winner in race to buy Tuas Power
- 2008 Geneva Car Show
- Dalian exchange set to hog futures

May 15-17 Shanghai Women's Forum Asia

Dec. 12-13 Beijing China-US Strategic Economic Dialogue

Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?