Guangzhou yard sees soaring H1 net
Chinese shipbuilder Guangzhou Shipyard International Co said yesterday that it expects a more than 450 per cent jump in its net profit in the first half compared with the same period last year.
Guangzhou Shipyard, controlled by the country's biggest shipbuilder China State Shipbuilding Corp, attributed the gain to improved efficiency and new accounting rules.
Detailed figures will be released in its interim report due on Aug 17, it said in a statement.
The firm booked 153.67 million yuan (S$30.6 million) net profit in Q1, up 461 per cent from a year earlier. It had previously projected a more than 300 per cent surge in its earnings for the full year.
Chinese listed companies are obliged to give performance forecasts if they expect a more than 50 per cent rise in their earnings.
Guangzhou Shipyard, controlled by the country's biggest shipbuilder China State Shipbuilding Corp, attributed the gain to improved efficiency and new accounting rules.
Detailed figures will be released in its interim report due on Aug 17, it said in a statement.
The firm booked 153.67 million yuan (S$30.6 million) net profit in Q1, up 461 per cent from a year earlier. It had previously projected a more than 300 per cent surge in its earnings for the full year.
Chinese listed companies are obliged to give performance forecasts if they expect a more than 50 per cent rise in their earnings.