Guangzhou Shipyard sees H1 net up sharply

Shanghai-based shipbuilder Guangzhou Shipyard International expects a massive increase in its net profits for the first half 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. The company booked $20.31 million net profit in the first quarter, up 461% percent from a year earlier. It had previously projected more than 300% surge in its earnings for the full year.