CSSC profit up 11.77% in 2014

View of the stand of China State Shipbuilding Corporation (CSSC) during the 16th China International Industry Fair (CIIF) in Shanghai, November 4, 2014. [Photo/IC]

BEIJING - China CSSC Holding Ltd, a leading ship builder, posted rising profit in 2014 due to rebounding market demand, the company said on Saturday.

The net profit of the company increased 11.77 percent year on year to 44.19 million yuan ($7.21 million) in 2014, according to a document filed with the Shanghai Stock Exchange.

The company attributed the eye-catching performance to the recovering ship demand as it finished more orders of ships, drilling platforms and diesel engines. The ship maker built 48 ships and repaired 360 ones in 2014. But it said the market was still saturated and prices remained low.

Its revenue stood at 28.32 billion yuan last year, up 27.59 percent from a year ago, the document said.

However, the company's shares traded on the exchange dropped 0.62 percent to finish at 36.94 yuan on Friday.

CSSC planned to boost its revenue to 33.7 billion yuan in 2015 and predicted more than half of the revenue will come from ship building and fixing.