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Yangzijiang chalks up stronger profits for Q1

Thursday, April 27, 2017 - 22:39

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Executive chairman Ren Yuanlin said: "The improved sentiment on the shipbuilding market not only led to a pick-up in new shipbuilding orders, but also helped us find new buyers for several orders that were previously terminated."

YANGZIJIANG Shipbuilding saw a 49 per cent year-on-year rise in net profit to 667.67 million yuan (S$135.4 million) for Q1 FY17.

Revenue for the quarter rose 73 per cent to 4.68 billion yuan; with 14 vessels being delivered in Q1 2017, revenue from its core shipbuilding business increased by 43 per cent to 2.89 billion yuan.

Earnings per share rose to 17.42 renminbi cents from 11.69 cents a year ago.

Executive chairman Ren Yuanlin said: "The improved sentiment on the shipbuilding market not only led to a pick-up in new shipbuilding orders, but also helped us find new buyers for several orders that were previously terminated."

He added: "However, as the sustainability of the recovery is uncertain, we will remain cautiously optimistic, mindful of the market dynamics, give preference to good-quality orders and continue to build up the order book."

sentifi.com

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