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 U.S. dollars) 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.