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CSIC sets $1.18bn profit target

CSIC sets $1.18bn profit target
CHINA Shipbuilding I.C, China?s second largest shipbuilding group which controls shipyards north of Shanghai, is aiming to generate net profit this year of Yuan8bn ($1.18bn) after an 18.5% increase to Yuan7.39bn ($1.1bn) last year

CSIC sets $1.18bn profit target.

CHINA Shipbuilding Industry Corp, China"s second largest shipbuilding group which controls shipyards north of Shanghai, is aiming to generate net profit this year of Yuan8bn ($1.18bn) after an 18.5% increase to Yuan7.39bn ($1.1bn) last year.

Confirming the profit target CSIC general manager Li Changyin said the state-owned shipbuilder, which raised Yuan6.4bn from a listing on the Shanghai exchange in December, forecast operating income of Yuan1390bn this year. This compared with a 17% rise in 2009 to Yuan120.9bn.

He added that CSIC was on course to reach a significant milestone and build ships totalling more than 10m dwt this year.

By comparison, China State Shipbuilding Corp, the country"s top shipbuilding group, built 170 ships last year totalling nearly 10.8m dwt, an increase of almost 3m dwt compared with 2008.

CSSC, which controls shipyards including Shanghai Waigaoqiao Shipbuilding, Hudong-Zhonghua Shipbuilding and CSSC Guangzhou Longxue that focus on large vessel types, has yet to give any details or forecast of its financial results for last year or 2010.

Mr Li said CSIC, which has about 80 subsidiaries including 30 research and development institutes, saw about 40% of its operating income came from non-shipping related businesses including the manufacture of wind turbines and equipment for nuclear power stations.

The release of CSIC"s financial results came as China"s Ministry of Industry and Information Technology said Chinese shipbuilders took 34.8% of the global shipbuilding market last year after posting a 47% increase to 42.4m dwt in the volume of completed tonnage. This reflected the ordering splurge by foreign and domestic shipowners over the previous two or three years.

CSSC accounted for 27% of the completed tonnage while CSIC contributed about 23%.

The ministry confirmed that China"s shipyards had a total order backlog of 188m dwt stretching into 2013.

But the ministry also confirmed that the country's shipbuilders had seen the volume of new shipbuilding contracts crash 55% last year, winning orders for vessels totalling about 26m dwt although this was still 61.6% of the global total in 2009.

The falling in new order activity followed the slump in the shipping markets caused by the worldwide financial crisis and concerns about newbuilding overcapacity Chinese shipbuilders have attempted to overcome these issues by focusing on higher value vessels and the offshore sector.

CSIC offshoot, Dalian Shipbuilding Industry had already forecast a 20% increase in net profit for last year on the back of a strong performance from its offshore business.

www.turkishmaritime.com.tr

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