Guangzhou Shipyard Sees 9-mth Net up over 250 Pct

Source: Reuters

China's Guangzhou Shipyard International Co Ltd , a unit of Asia's third-largest shipbuilder China State Shipbuilding Corp, said on Thursday its net profit for the first three quarters of 2007 may rise more than 250 percent from the same period last year.

The forecast is based on Chinese accounting standards.

The firm, China's only shipyard listed in Hong Kong, said its profit margin increased markedly in the first nine months as it shortened the shipbuilding cycle and improved shipbuilding efficiency.

It made a net profit of 186 million yuan in the first nine months of 2006, based on Chinese accounting standards.

Strong demand for new ships amid a global industry boom has flooded major shipyards around the world with orders and generated heavy backlogs lasting up to 2011.

For company statement please click http://main.ednews.hk/listedco/listconews/sehk/20071011/LTN20071011181.pdf

Editor: Jessie Hwang