CSIC improves earnings in 2011

China Shipbuilding Industry Corporation (CSIC) improved its earnings in 2011 on higher shipbuilding production and orderbook.
The Shanghai-listed shipbuilder posted 2011 net profit of RMB4.7bn ($745.3m), an increase of 8.9% year-on-year, it announced on Wednesday.
Revenue last year amounted to RMB58.05bn, up 7.3% from the previous year.
Out of CSIC's five major businesses, ship repair and conversion, naval products, and offshore engineering divisions saw decreases in profits last year while shipbuilding and scientific and technology support divisions recorded increases in profits.
The company projected that prospects for 2012 remain bleak although there are opportunities in the offshore and energy related markets.