China State Shipbuilding Co Ltd (CSSC), one of the largest shipbuilders in the country, said yesterday that its net profit in 2008 increased by 48.6 percent year-on-year to 4.16 billion yuan.

The company's revenue increased by 48 percent to 27.66 billion yuan, of which 21.44 billion yuan was from shipbuilding, 3.02 billion yuan from diesel engines and 2.63 billion yuan from ship repair, the Shanghai-listed company said in its annual financial report.

The company results come at a time when the shipbuilding industry is facing tough challenges arising from the sharp downturn in global trade. Dwindling cargo business has forced many shipping companies to delay deliveries of new ships. Some have gone even further by canceling previous orders.