Shanghai Electric posts record profit in 2007

Shanghai Electric Group Co Ltd<2727>, one of China's largest mechanical and electrical equipment manufacturers, posted a 37.4% rise in 2007 profit on the back of strong earnings growth from electric equipment.

Net profit hit a record RMB 2.82 billion or RMB 0.237 per share, while revenue amounted to RMB 56.4 billion, up 28.1% from a year earlier.

Sales of electrical equipment were the major pusher for the pleasing growth, which reached RMB 33.4 billion, a year-on-year increase of 26.3%. In addition, the company saw a great boom in its overseas sales. It won a total of RMB 23 billion worth of contracts from off-shore clients last year. Meanwhile, it was listed in the top 10 most famous bands focusing on self-innovation in China and ranked the 148th in the world's largest project contractor.

For the future, China's urbanization and the upcoming 2010 World Expo in Shanghai will bring great opportunities for the development of the company, however, increasing concerns about environmental situation require it to develop more environment-friendly products, company president Xu Jianguo said.