Top shipbuilder posts 4.32% rise in profit

Updated: 2011-04-15 16:43
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BEIJING - China State Shipbuilding Corporation (CSSC), the country's largest shipbuilder, posted Friday a 4.32 percent year-on-year increase in net profit in 2010 on robust growth in revenues.

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Net profit totaled 2.61 billion yuan ($399 million), and earning per share stood at 3.94 yuan, an increase of 4.51 percent from 2009, CSSC said in a statement filed with the Shanghai Stock Exchange.

The profit growth was achieved after the company scored 18.3 percent annual growth in revenues to 29.86 billion by building 56 ships, producing 113 diesel engines and repairing 223 ships, said the statement.

CSSC also said rising costs and prices and more fierce competition from other countries' shipbuilders would make 2011 a difficult year, although the company had become stronger after weathering the financial crisis.

In face of the difficulties, the company said it aimed to build 52 ships, produce 140 diesel engines and repair 270 ships this year.

Shares of CSSC ended 1.36 percent down to 78.85 yuan per share on Friday at the Shanghai Stock Exchange.