Guangzhou Shipyard 2007 net nearly triples

Guangzhou Shipyard International Co<600685><317>, the only Hong Kong-listed mainland shipbuilder, reported its 2007 net profit nearly tripled from a year earlier after the company expanded capacity and shortened construction times.

Its net income stood at RMB 938.6 million in 2007, compared with RMB 266.6 million of the previous year. And sales soared 79% to RMB 5.9 billion based on international accounting standards, the company said in its annual report.

The earnings hike comes as a result of soaring demand for ships to carry imports of raw materials and exports of consumer goods in China, the Guangzhou-based company said.

It completed 16 ships last year and received new orders for 1.14 million deadweight tons of ships or 24 vessels, the statement said, without providing the equivalent figures of the previous year.

The ship builder proposed a dividend of RMB 0.50 per share, the first since 1999.