China Spacesat (SHA:600118) expects to swing to a net profit of between 30.5 million yuan and 36.5 million yuan in the first half, rebounding from a net loss of 30.5 million yuan a year earlier, according to a Monday filing with the Shanghai Stock Exchange.
The Chinese aerospace company attributed the anticipated turnaround to an increased number of completed satellite development contracts meeting acceptance criteria during the six-month period, which drove up both revenue and profit.
The company also noted steady growth in its satellite application business.