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Shipbuilder Yangzijiang posts 52% rise in Q2 net profit

The profit rise is despite a 3 per cent fall in the company’s revenue due to a drop in the number of vessels delivered during the quarter.

SINGAPORE: Yangzijiang Shipbuilding, one of China's largest shipbuilders, said on Wednesday (Aug 6) its net profit for the second quarter rose 52 per cent from a year ago to 1.23 billion yuan (S$250.1 million), mainly due to a one-off gain from interest income.

The profit rise is despite a 3 per cent fall in the Singapore-listed company’s revenue to 4.27 billion yuan, due to a drop in the number of vessels delivered during the quarter compared with last year.

The company said it has secured 32 shipbuilding contracts worth US$1.4 billion (S$1.75 billion) in the first half of this year. With an order book of US$5.02 billion for 122 vessels, Yangzijiang said it expects its yard capacity to be "highly utilised" until the end of 2016.