China's CSSC Offshore and Marine Engineering Company (COMEC) reported a 58.94 per cent period-on-period increase in net profit attributable to shareholders for the six months ended June 30, reaching CNY11.12 billion ($1.65 billion) in operating revenue.
The group attributed the performance to strong demand in the shipbuilding market, improved lean production management, and higher investment income from associates.
Total profit for the six-month period climbed 57.34 per cent to CNY1.032 billion, while net profit attributable to shareholders stood at CNY837 million.
Net cash flows from operating activities surged 243.11 per cent to CNY5.253 billion, driven primarily by an increase in milestone payments received for vessel construction.
During the period, new contracts secured reached CNY20.165 billion, representing 122.8 per cent of the annual target with orders for 55 newbuild ships across eight vessel types.
Mass order intake expanded for self-developed products, including feeder containerships and containership types of 5,000 TEU and above.
Shipyard operations completed and delivered 18 vessels totaling 0.8824 million DWT in the first half of the year, with several ship types delivered ahead of contractual schedules.
As at June 30, the total contract value of orders on hand stood at approximately CNY74.5 billion, encompassing 173 ship products and one offshore unit totaling 6.28 million DWT.
