Guangzhou Shipyard International 3Q Net Profits Up 61.12%

Guangzhou Shipyard International recorded an increase of 61.12 percent year-on-year in third quarter net profit to 263.171 million yuan, as a result of declining raw material costs and foreign exchange gains, with an earnings per share (EPS) of 0.53 yuan, citing a company filing. Operating revenue in the third quarter slipped 15.25 percent to 1.626 billion yuan, due to a slowdown in shipbuilding capacity.
Operating revenue for the first three quarters of 2010 was down 10.67 percent year-on-year to 4.52 billion yuan, but net profit climbed 49.22 percent year-on-year to 604 million yuan.
Shares of Guangzhou Shipyard International rose 2.57 percent to 25.99 yuan at 13:23 p.m. on the Shanghai Stock Exchange today.