China State Shipbuilding posts 80.61% rise in H1 net
China State Shipbuilding Co. Ltd (CSSC), the Shanghai-listed unit of the country's biggest ship builder China State Shipbuilding Corp, said its net profit for the first half of this year amounted to RMB 1.949 billion, representing a remarkable increment of 80.61% year-on-year.
According to the company's interim financial report, revenue from its core business during the first six months surged 39.68% from a year earlier to RMB 10.749 billion, of which, shipbuilding, ship repairing and core facility businesses accounted for 74.63%, 9.8% and 14.72%, respectively.
However, the company's gross profit margin stood at 22.77%, down 3.87% over the corresponding period of last year, which was resulted from a sharp decrease of 7.02% in gross profit margin from shipbuilding business.
The Shanghai-headquartered ship maker attributed the lower-than-expected decline in gross profit margin mainly to three reasons: the soaring raw material prices, appreciation of RMB and the ailing return from unit Shanghai Jiangnan Changxing Shipbuilding Co. Ltd, which failed to reach the standard in production capacity.
According to a company's filing with the Shanghai Stock Exchange, it planned to raise up to RMB 7.4 billion (US$1.08 billion) by issuing convertible bonds and warrants to fund the investment for eight major shipbuilding projects. However, the statement did not disclose
According to the company's interim financial report, revenue from its core business during the first six months surged 39.68% from a year earlier to RMB 10.749 billion, of which, shipbuilding, ship repairing and core facility businesses accounted for 74.63%, 9.8% and 14.72%, respectively.
However, the company's gross profit margin stood at 22.77%, down 3.87% over the corresponding period of last year, which was resulted from a sharp decrease of 7.02% in gross profit margin from shipbuilding business.
The Shanghai-headquartered ship maker attributed the lower-than-expected decline in gross profit margin mainly to three reasons: the soaring raw material prices, appreciation of RMB and the ailing return from unit Shanghai Jiangnan Changxing Shipbuilding Co. Ltd, which failed to reach the standard in production capacity.
According to a company's filing with the Shanghai Stock Exchange, it planned to raise up to RMB 7.4 billion (US$1.08 billion) by issuing convertible bonds and warrants to fund the investment for eight major shipbuilding projects. However, the statement did not disclose