Xiangyu Dredging Holdings Limited, the largest privately owned dredging company in China in terms of dredging volume in 2010, has announced based on a preliminary assessment on the unaudited management accounts of the Company and the information currently available to the Board, the result of the Company for the year ended 31 December 2011 is expected to increase significantly as compared to the corresponding period in 2010.
The Company considers that the significant increase in the financial results of the Company in 2011 was mainly attributable to the increase in turnover as a result of the increase in the total contract sums under dredging contracts.
Mr. Liu Kaijin , the newly appointed Joint Chairman and Chief Executive Officer of Xiangyu Dredging, expressed, “Currently, Xiangyu Dredging is on the stage of vigorous exploration and development with huge growth potential. As the largest private dredging company in China, Xiangyu Dredging will ride on strong client relationship and project pipeline to secure more contracts to capture the growth in the dredging industry in China.”
About Xiangyu Dredging
Xiangyu Dredging has been listed on the Stock Exchange of Hong Kong (“SEHK”) on 20 June 2011. The Company is the largest privately owned dredging company in China in terms of dredging volume in 2010, according to the Frost & Sullivan Report. The Company is engaged in providing capital dredging, reclamation dredging, maintenance dredging and environmental protection dredging services. The Company has cultivated strong client relationships and has a strong project pipeline including large-scale projects with prestigious clientele.
The Company has strong ability to evaluate project profitability and selectively engage in profitable projects. The Company achieved an average dredger working efficiency rate of approximately 83% in 2010, which was higher than the industry average of 70% in China.
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Dredging Today Staff, March 6, 2012