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Ningbo Marine more than doubles 2015 profit

Ningbo Marine more than doubles 2015 profit
China’s Ningbo Marine has more than doubled its net profit in 2015, aided by government subsidy from scrapping of two vessels.

The full year profit jumped to RMB16.05m ($2.47m), up 116.7% from the gain of RMB7.41m in 2014.

Shanghai-listed Ningbo Marine said the improvement was due mainly to other income of approximately RMB35m in government subsidy for sending two vessels to the scrapyard.

Revenue for 2015, however, decreased by 3.9% year-on-year to RMB1.05bn.

Ningbo Marine operates a fleet of 17 bulk carriers with a total carrying capacity of 808,000 dwt.