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China Shipbuilding Industry's profit to nearly triple in 2011

Feb. 27, 2012 (China Knowledge) - China Shipbuilding Industry Co Ltd<601989>, the country's largest shipbuilder, expects its net profit attributable to shareholders might have reached between RMB 4.69 billion to RMB 4.71 billion in 2011, reflecting a year-on-year jump of 193.55% to 194.55%.

In a statement filed with the Shanghai Stock Exchange, the firm said its parent co China Shipbuilding Industry Corp, or CSIC, has proposed to pay RMB 0.68 in cash to ten existing share held by each shareholder on the basis of 14.67 billion in the total share capital at the end of last year.

Fiscal result for 2011 will be disclosed on Apr. 26, said China Shipbuilding Industry.

The leading Chinese ship builder added RMB 40.97 billion worth of orders in the first nine months of last year, bringing its total order value to RMB 97.14 billion as of Sep. 30, 2011.

According to the website of CSIC, the state-owned group is also the controller of Shanghai-listed Fengfan Co Ltd<600482>, a storage battery supplier.

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