China State Shipbuilding Co Ltd<600150>, the country's biggest shipbuilder announced that its 2007 profit soared more than tenfold from 2006, powered by rising global demand.
China State Shipbuilding whose share price is the highest on domestic stock market predicted in its statement published yesterday that its net profit for 2007 may jump 950%-1050% without giving an exact figure.
While reaping pleasing earnings in its traditional core business - low speed marine diesel engine, the company also saw significant gains in its ship manufacturing and mending sectors, boosted by China's booming ship industry.
Meanwhile, shareholders of the shipbuilder voted for the acquisition of 65% stakes in Shanghai Jiangnan-Changxing Shipbuilding Co Ltd from its controlling shareholder China State Shipbuilding Corp, the statement revealed.
According to a brokerage source, profit of the company is expected to rise by more than 50% this year.