CSIC sees rise in profits

26 Jan 2010
 One of the 300,000 dwt newbuilding drydocks in the CSIC Group

One of the 300,000 dwt newbuilding drydocks in the CSIC Group

China Shipbuilding Industry Corp (CSIC) said its profit in 2009 jumped 18.5 percent to 7.39 billion yuan ($1.1 billion).

Its operating income rose 17 percent in 2009 to 120.9 billion yuan from a year earlier. The Beijing-based conglomerate is one of China's two large state-owned shipbuilders, with nearly 50 industrial subsidiaries and about 30 R&D institutes in north China.

General Manager Li Changyin said CSIC had overcome the impact of the global financial crisis. Li said technological innovations had enabled CSIC to build 180,000 dwt bulkers, 320,000 dwt tankers, 13,000 TEU container ships and new types of drilling platforms to be used in water up to 120ms deep.

Li said the company's profit target for 2010 was 8 billion yuan, with operating income expected to exceed 140 billion yuan and output likely to break 10 million tonnes.

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