CSIC Eyes $23bn Revenue in 2010

14 September 2010 (Last Updated September 14th, 2010 18:30)

China Shipbuilding Industry Corporation (CSIC) said it expects its revenue to reach CNY160bn ($23.6bn) this year. In 2009, CSIC's assets were worth CNY264.6bn ($39bn) and it reported a revenue of CNY121bn ($17bn), while its profit was CNY7bn ($1bn). The Chinese shipbuilder expects

China Shipbuilding Industry Corporation (CSIC) said it expects its revenue to reach CNY160bn ($23.6bn) this year.

In 2009, CSIC’s assets were worth CNY264.6bn ($39bn) and it reported a revenue of CNY121bn ($17bn), while its profit was CNY7bn ($1bn).

The Chinese shipbuilder expects about 40% of the revenue to be shared by its non-ship business, according to asiasis.com.

The company said China’s shipbuilding industry has surpassed Korea’s, earning 40% of the global market share by the end of H1 2010.