Guangzhou Shipyard International Co, the only Hong Kong-listed shipbuilder, 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 259.8 million yuan (US$37 million) in the fourth quarter from 81.3 million yuan a year earlier, the company said yesterday. Sales gained 254 percent to 2.24 billion yuan. Record demand for ships to carry imports of raw materials to China and exports of consumer goods are fueling earnings growth in the nation's shipbuilding industry. China hopes to surpass South Korea as the biggest shipbuilder by 2015.
(Shanghai Daily March 20, 2008)
