Chinese marine crane giant ZPMC (Shanghai Zhenhua Port Machinery Co Ltd) has reported a year-on-year surge in profits of 160% to 568m yuan (57m Euros) for its first half year ending June 30. Revenue from sales of container cranes, the company’s main product, stood at 5.44bn yuan (550,000 Euros), up 73% on the same period a year earlier.
The company gave no profit forecast for the remainder of the year.
The value of total assets was 13.14bn yuan (1.33bn Euros) at the end of June, up from 10.83bn yuan (1.1bn Euros) for the same period last year.
Meanwhile, ZPMC’s board has approved a proposal to build a 7,000t floating crane for about 1bn yuan (100,000 Euros). Construction is expected to be completed in December next year. The company has applied to the Chinese government for half the money in interest-free loans with the remainder expected to come from cash and bank loans.
ZPMC was established in Shanghai in September 1997 to reorganise its predecessor, Shanghai ZhenHua Port Machinery Company Limited, a Sino-foreign equity joint venture enterprise, into a stock limited company. The Group designs, sells, and installs cranes for shipping containers, loading and unloading equipment for bulk cargo as well as providing services in converting vessels for alternative use.
