Guangzhou Shipyard Q1 profit likely to rise 50%

Guangzhou Shipyard International Co the only Hong Kong-listed Chinese shipbuilder, on Tuesday released a forecast saying its net profit for the first quarter probably gained more than 50% from a year earlier thanks to higher production efficiency and the appreciation of the Chinese currency. Its first-quarter profit for last year stood at RMB 153.7 million (US$22 million) or RMB 0.31 per share.
Earnings from its core business- ship building saw remarkable growth in the period as its production efficiency had been greatly promoted. Besides, the on-going appreciation of RMB also brings a lot of benefits, the company said in its preliminary first-quarter earnings statement.
The company is scheduled to release its full earnings statement for the first quarter on Apr. 25.