China Shipbuilding Industry Corporation revenues grow by a quarter

China Shipbuilding Industry Corporation (CSIC), one of the country's largest shipbuilders, recorded 103.2 billion yuan ($15.09 billion) in revenue in 2008, up 26 percent from a year earlier, despite the global economic downturn, the company said. Its profit rose by 20 percent to 6.18 billion yuan, the shipbuilder said. Currently, the company has shipbuilding orders of more than 33 million deadweight tons, the contract value exceeding 200 billion yuan, which is ample for production during the next three years, CSIC said.
"But we should also get prepared for challenges due to the global financial crisis such as the cancellation of orders and decline of new orders and prices," said Li Changyin, general manager of CSIC.
The company said it has taken measures to tackle these difficulties, aiming to raise its business revenue to more than 120 billion yuan and its profit to more than seven billion yuan in 2009.