Guangzhou Shipyard's Net Triples on Expanded Capacity
Guangzhou Shipyard International Co., more than tripled fourth- quarter profit after expanding capacity and shortening construction times. The company's shares rose the most in a month.
Net income climbed to $37m in the fourth quarter, according to numbers derived from 2007 earnings announced by the company to the stock exchange. Sales gained 254 percent to 2.24 billion yuan.
Record demand for ships to carry imports of raw materials to and exports of consumer goods is fueling earnings growth in the nation's shipbuilding industry. Chinese yards are expanding to help achieve the government's goal of surpassing as the biggest shipbuilding nation by 2015.
Source: Bloomberg