CSSC Offshore & Marine Engineering Forecasts Rise in H1 Profit

MT Newswires Live07-09

CSSC Offshore & Marine Engineering (Group) (HKG:0317, SHA:600685) expects a year-over-year rise in attributable profit to between 135 million yuan and 160 million yuan for the first half of 2024 from 12.7 million yuan a year prior, a Tuesday bourse disclosure said.

The Chinese shipbuilder attributed the rise in profit mainly to an increase in production volume and efficiency, a rise in the revenue and gross profit of ship products, and a higher investment income from associates and joint ventures.

Hong Kong- and China-listed shares of the company closed over 5% and 3% higher, respectively, on Tuesday.

Price (HKD): $18.44, Change: $+0.94, Percent Change: +5.37%

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