Guangzhou Shipyard Sees Profit Increase
October 19, 2006
According to reports, Guangzhou Shipyard International Co. Ltd., who has already seen its Hong Kong-listed shares surge almost six-fold this year, said it will report a 500% third-quarter profit increase from last year, thanks to higher efficiency and improved margins.
A shorter shipbuilding cycle has also helped Guangzhou Shipyard, the only listed shipbuilding unit of China's largest ship builder, China State Shipbuilding Corp. (CSSC), to sell more ships at higher margins during the quarter ended September 30.
The company posted a $1m profit for the third quarter of 2005. In an announcement on Tuesday, it forecasted a five-fold increase in the same period.
The company is benefiting from high demand for new tankers and low labour costs that help it win orders from overseas.
Source: China Knowledge
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