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SINGAPORE : Mainboard-listed Yangzijiang Shipbuilding said its third quarter net profit rose 17 per cent from a year ago to 554 million yuan (S$113 million).
This was on the back of a 28 per cent improvement in revenue for the three months ended September to 2.6 billion yuan (S$530 million).
The shipbuilder said the rise in revenue was mainly due to increasing productivity from its new yard and the construction of larger vessels.
In the third quarter, seven vessels were delivered according to schedule. Another six vessels have been delivered since October. Yangzijiang said this brings the total number of vessels delivered this year to 30.
The shipbuilder said it expects to achieve on time deliveries for the remaining 10 vessels this year as most of them are in the final stages of construction. It expects to deliver 46 vessels next year.
Moving forward, Yangzijiang said it will continue to monitor its customers' financial well being.
With its strong cash holdings and sizeable order book, it remains confident of delivering continued growth and profitability for the current financial year.
Meanwhile, Yangjiziang said one of its units is investing 60 million yuan (S$12 million) for a 20 per cent stake in a new metal processing venture.
Its subsidiary, Jiangsu New Yangzi Shipbuilding, is tying up with several strategic partners to incorporate a new company in China with a registered paid-up capital of 300 million yuan (S$62 million).
The core business of the new firm is mainly related to scrap steel processing. Yangzijiang said this would serve as a platform for it to enter into the environmentally-friendly ship breaking business.
It expects this investment to contribute as a new business segment to complement its shipbuilding business. The shipbuilder said the move will not have any significant impact on its earnings and assets for the current financial year. - CNA /ls
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