BRIEF: CSSC’s first-quarter profit surges

0317.HK

Military ship maker CSSC Offshore & Marine Engineering (Group) Co. Ltd (0317.HK) on Tuesday forecast it would report a first-quarter net profit of between 170 million yuan ($23 million) and 200 million yuan ,  up by 10 to 12 times from the year-ago period.

The company attributed the profit surge to a number of factors, including: steady improvement in revenue and production efficiency for its ship products; an improvement in its gross profit; stronger performance from an associate; and improved investment income.

Shares of CSSC opened up 8.7% at HK$ 8.97 on Wednesday. The stock is down 50% from its 52-week high.

By Lau Chi Hang

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