BEIJING -- China State Shipbuilding Corporation, one of the country's major manufacturers, posted net profits of 39.54 million yuan ($6.42 million) in the last year, reversing huge losses in 2012.

The company attributed the improved performance to its subsidiary's acquisition of a Shanghai-based manufacturing enterprise, the profits of which surged in 2013, according to the company's annual report released on Saturday.

It plans to distribute dividends to investors at 0.1 yuan per 10 shares.

Bucking the upward trend in profits, its revenues declined 25.15 percent year on year to 22.2 billion yuan due to falling prices and orders amid the continued market depression, while its total assets shrank 13.75 percent year on year to 51.03 billion yuan.

The company expects revenue of 27 billion yuan this year, over 60 percent of which will come from shipbuilding and repair services.

In 2012, the ship producer lost 93.13 million yuan in the sluggish ship manufacturing market.

CSSC's shares on the Shanghai Stock Exchange climbed 1.85 percent to 19.87 yuan per share on Friday.