Guangzhou Shipyard sees 2008 net profit not less than 1.445 bln yuan vs 939 mln

Guangzhou Shipyard International said it expects its net profit this year to be at least 1.445 bln yuan under Hong Kong accounting standards.

The profit estimate includes results of Guangzhou Wenchong Shipbuilding Ltd.

Guangzhou Shipyard announced last month that it would buy 100 pct of Guangzhou Wenchong Shipyard Co Ltd from its parent company for not more than 3.1 bln yuan.

The acquisition is expected to be completed some time this year. Guangzhou Shipyard's 2007 net profit stood at 939 mln yuan.

Source: http://www.quamnet.com