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Shipbuilders sail to 50% rise in profit

PROFITS of China's shipbuilders rose 50 percent last year from a year ago, despite rising material costs and the appreciation of the yuan, according to data released yesterday by the Ministry of Industry and Information Technology.

Profits jumped 50.5 percent to 28.34 billion yuan (US$4.05 billion). The industry value totaled 118.3 billion yuan, up 61.2 percent year on year. The nation's shipbuilders completed a production capacity of 28.81 million deadweight tons, or 29.5 percent of the world's total, up from 22.9 percent in 2007.


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