Guangzhou Shipyard emerges from restructuring with positive profit alert for 2014

GSI said in a stock market announcement that for 2014 it expects to book a consolidated net profit of approximately RMB150m ($24m) more than 10 times the previous result in 2013 of RMB13.6m.

"The increase is primarily attributed to the disposal of share of Guangzhou Shipyard Industrial Co., Ltd. and Guangzhou Jinzhou Ship Technology by the group in 2014 which led to a substantial increase in the return of investments," GSI said.

GSI however cautioned that the forecast is based on preliminary results which have not been audited. "The Company is still in the process of finalising the annual results of the group for the year ended 31 December 2014. The positive profit alert announcement is only based on the preliminary assessment of the group’s unaudited management accounts for the year ended 31 December 2014 and information currently available to the board, which has not been confirmed nor audited by the Company’s auditor, and is subject to finalisation and adjustments after review by the company’s auditor where necessary," it said.