Shanghai-listed China State Shipbuilding Co saw third-quarter earnings rise by 15.5% mainly on investment gains.
The largest shipyard operator by capacity in China said late last night that it earned Yuan1.2bn ($175m) of net profit in the third quarter this year, 15.5% higher than in the same period last year.
It recorded sharp increase in investment gains which amounted to Yuan54.0m in the third quarter, up from Yuan10.6m in same period last year.
However, operating profit fell slightly from 1.56bn a year ago to Yuan1.49bn, as operating revenue rose 45% to Yuan7.64bn while operating cost surged by 67% to Yuan6.2bn.
For the first three quarters, its net profit increased by 48.7% to Yuan3.2bn. Operating income amounted to Yuan18.4bn, up 42% from the same period last year while operating costs rose 54% to Yuan14.5bn.
The firm said that the rise in operating costs was due to enlarged capacity and higher labour and raw material costs.
High labour and raw material costs are also cited by sister company Guangzhou Shipyard International as the reason behind its earnings decline in the third quarters. The yard said yesterday that its Q3 earnings fell 28.84% to Yuan 154m.
CSSC is the listed unit of state-owned China State Shipbuilding Corp which also controls GSI.
The largest shipyard operator by capacity in China said late last night that it earned Yuan1.2bn ($175m) of net profit in the third quarter this year, 15.5% higher than in the same period last year.
It recorded sharp increase in investment gains which amounted to Yuan54.0m in the third quarter, up from Yuan10.6m in same period last year.
However, operating profit fell slightly from 1.56bn a year ago to Yuan1.49bn, as operating revenue rose 45% to Yuan7.64bn while operating cost surged by 67% to Yuan6.2bn.
For the first three quarters, its net profit increased by 48.7% to Yuan3.2bn. Operating income amounted to Yuan18.4bn, up 42% from the same period last year while operating costs rose 54% to Yuan14.5bn.
The firm said that the rise in operating costs was due to enlarged capacity and higher labour and raw material costs.
High labour and raw material costs are also cited by sister company Guangzhou Shipyard International as the reason behind its earnings decline in the third quarters. The yard said yesterday that its Q3 earnings fell 28.84% to Yuan 154m.
CSSC is the listed unit of state-owned China State Shipbuilding Corp which also controls GSI.