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CSSC posts 12% increase in 2014 profit

CSSC posts 12% increase in 2014 profit
China State Shipbuilding Corp (CSSC) has recorded improved profit in 2014 as revenue rose compared to the previous financial year.

Net profit for last year was posted at RMB44.19m ($7.1m), up 11.7% compared to RMB39.54m in 2013.
Revenue also rose 27.6% year-on-year to RMB28.32bn backed by an increase in sales in the offshore division.
Amid China's shipbuilding industry slump, CSSC noted that in the years ahead, newbuilding orders will continue to be concentrated in the hands of the larger and more reputable yards, leaving the smaller yards starved of orders.
For the yard's 2015 newbuilding programme, it aims to complete 69 ships of 8.02m dwt, repair 250 vessels and two offshore rigs, among others.