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(Shenzhen Daily)
Updated: 2007-07-25 09:00

Shipbuilder Guangzhou Shipyard International Co. said yesterday it expected a more than 450 percent jump in its net profit in the first half of this year compared with a year earlier.

Guangzhou Shipyard, controlled by the country’s biggest shipbuilder China State Shipbuilding Corp., attributed the gain to improved efficiency and new accounting rules. Detailed figures will be released in its interim report due Aug. 17, it said in a statement. The firm booked 153.67 million yuan(US$20.31 million) net profit in the first quarter, up 461 percent from a year earlier.