China State Shipbuilding Co , the listed vehicle of the country's biggest shipbuilder, estimated on Wednesday that net profit jumped between 950 and 1,050 percent last year.
In 2006 the company, then known as Hudong Heavy Machinery Co, made a net profit of 267.52 million yuan ($37.2 million).
China State Shipbuilding attributed the jump to its purchase of 12 billion yuan of ship building and repair assets from its parent through a share placement in September 2007, as well as to strong demand for the ship engines which it makes.
The company will announce full 2007 earnings in coming weeks. Listed Chinese companies are required to make preliminary statements if they expect to report big swings in earnings. ($1 = 7.19 yuan) (Reporting by Andrew Torchia)
In 2006 the company, then known as Hudong Heavy Machinery Co, made a net profit of 267.52 million yuan ($37.2 million).
China State Shipbuilding attributed the jump to its purchase of 12 billion yuan of ship building and repair assets from its parent through a share placement in September 2007, as well as to strong demand for the ship engines which it makes.
The company will announce full 2007 earnings in coming weeks. Listed Chinese companies are required to make preliminary statements if they expect to report big swings in earnings. ($1 = 7.19 yuan) (Reporting by Andrew Torchia)