GUANGZHOU Shipyard International Co, the only Hong Kong-listed shipbuilder, said first-quarter profit probably gained more than 50 percent from a year earlier because of higher efficiency and the appreciation of the Chinese currency.

The profit estimate for the three months ended March 31 was based on preliminary calculations, the Guangzhou-based company said in a statement to the Hong Kong stock exchange yesterday. The company said it achieved a first-quarter profit in 2007 of 153.7 million yuan (US$22 million).