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Comec returns to profit in Q1

Comec returns to profit in Q1
CSSC Offshore & Marine Engineering (Group) Company (Comec) has made a profit for the first quarter ended 31 March 2016, erasing the loss of the previous corresponding period.

Net profit for the quarter was registered at RMB1.04m ($160,000), emerging from the deficit of RMB203.68m in the same period of last year.

The Chinese shipbuilder’s revenue rose by 10.4% year-on-year to RMB4.34bn.

The improved earnings at Comec were partly helped by government subsidies of RMB27.19m and gains from asset management of RMB11.9m.