| GSI back to black for 2014 |
| Shanghai- and Hong Kong-listed Guangzhou Shipyard International (GSI) on 18 March posted a net profit of CNY151.5 million (USD24.5 million) for full-year 2014, back to the black from the loss of CNY218.6 million in the previous year. The company recorded revenue of CNY9.5 billion last year, up 63.25%, and its earnings per share (EPS) stood at CNY0.15 from the loss of CNY0.21 in 2013. The income from its shipbuilding business amounted to CNY8.3 million, 89.20% of its total revenue, which represents an annual increase of 81.23%, due to the increased number of ships under construction from 49 to 66 during the same period of 2013, stated the company in its stock filling. Moreover, the income from its steel structure business stood at CNY406 million, down by 7.51% year on year (y/y), while the income from other electro-mechanical equipment reached CNY595 million, up 5.60% y/y. In 2014, GSI achieved gross industrial output value of CNY7.481 billion in shipbuilding, CNY948 million in offshore, and 692 million in electro-mechanical equipment. The company also stated that it commenced the building of 23 ships, launched 25 ships, and completed the building of 18 ships, which were of 1,342,500 dwt in total, up 13.03% y/y. Furthermore, GSI undertook a total order of 18 ships, 2.6 million dwt of shipbuilding and offshore engineering products, and continued to take MR tankers as the main product in its Liwan yard, which expanded the market share of its eco-friendly 50,000-tonne chemical/product oil tanker. Its Nansha yard mainly undertook orders for ships in large tonnes and took mature ship types such as ultra-large/large crude (product) oil tankers, super-large ore carriers, and LR2 product oil tankers. This year, the company plans to undertake contracts in the amount of CNY10 billion and complete the construction of 2.17 million dwt of ships (including offshore engineering ships), six sets of complete equipment, 45,000 tonnes of steel structure, 600 sets of shearing press, and 800 elevators. |