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CSSC profit soars in Q1

CSSC profit soars in Q1
China State Shipbuilding Corp (CSSC) saw its first quarter profit soared on strong operating performance as newbuilding deliveries increased.

Net profit for the first quarter more than quadrupled to RMB124.48m ($20.02m) compared to RMB27.67m in the same period of last year.

Revenue also rose 13.3% year-on-year to RMB6.74bn during the first three months, the Shanghai-listed state-owned shipbuilder announced.

For 2015, CSSC expects to record a revenue of RMB33.7bn, with contributions mainly from the ship construction and maintenance sectors, and partly from the offshore and power equipment businesses.

TAGS: Shipyards CSSC