China State Shipbuilding first-quarter profit rises
CHINA State Shipbuilding Co Ltd said first-quarter net profit more than doubled following asset injections from its parent company in August last year. Net profit in the first three months of this year rose 136% to Yuan984m ($141m) while operating revenue rose 16% to Yuan3.98bn, the company said. The asset injections will continue to buoy earnings, with the Shanghai-listed flagship of China’s largest shipbuilder, China State Shipbuilding Corporation, predicting a big jump in profit for the first half. Originally an engine-maker and formerly named Hudong Heavy Machinery, China State Shipbuilding Co Ltd took over some of the shipbuilding and ship repair assets from its parent last August, when it changed its name and turned itself into the listed platform of the larger CSSC Group. Among the assets injected into CSSC were majority stakes in Shanghai Waigaoqiao Shipbuilding, China’s largest shipyard, as well as Chengxi Shipyard in Jiangsu province and Guangzhou Wenchong Shipyard in the south.
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