CSIC's 2011 preliminary profits rise

The China Shipbuilding Industry Corp. (CSIC), one of the two largest shipbuilding conglomerates in China, said Saturday that its preliminary profits is expected to rise 193.55 percent to 194.55 percent year-on-year in 2011.

In a statement filed to the Shanghai Stock Exchange, the Beijing-headquartered company said its profits is expected to reach 4.69 billion yuan (744.44 million U.S. dollars) to 4.71 billion yuan last year, without providing reasons for the profit surge.

Shareholders will be paid 0.68 yuan in dividends for every 10 shares they hold, the statement said.

The company's shares climbed 1.51 percent to close at 29.66 yuan on Friday.

The CSIC was formed in 1999 from companies spun off from the China State Shipbuilding Corporation, the other big shipbuilding conglomerate in the country.

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