A visitor takes photos of ship models at the stand of China State Shipbuilding Corporation (CSSC) during an exhibition in Beijing, July 18, 2015.[Photo/IC]

BEIJING - China CSSC Holding Ltd, a leading ship builder, posted rising profitability last year despite a lackluster shipbuilding industry, the company said on Saturday.

The net profit of the company increased nearly 40 percent year on year to 61.85 million yuan ($9.56 million) in 2015, according to a financial report filed with the Shanghai Stock Exchange. The growth rate was around 12 percent in 2014.

Its revenue stood at 27.76 billion yuan last year, down almost 2 percent from a year ago.

In face of fierce competition and sluggish demand, the company diversified its business, increased R&D investment and strengthened cooperation with global peers, the document said.

Shares of CSSC traded on the exchange rose 0.31 percent to finish at 25.58 yuan on Friday.