CHINA State Shipbuilding Co, the country's biggest shipbuilder, said its profit last year surged more than tenfold on rising global demand.

Profit rose by between 950 percent and 1,050 percent, the Shanghai-based company said in a statement to the city's stock exchange yesterday, without giving a figure.

According to Bloomberg News, the company's net income was 267.5 million yuan (US$37 million) in 2006.

Record demand for ships to carry Chinese imports of raw materials and exports of consumer goods is fueling earnings growth in the nation's shipbuilding industry as it expands, trying to surpass South Korea as the biggest.

Guangzhou Shipyard International Co last week said its 2007 profit may have more than tripled, helped by increased production.

Chinese companies are required to make an announcement if they expect earnings to rise or fall more than 50 percent in a reporting period.