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Yangzijiang Q4 net profit leaps to 607.8m yuan on advance payments

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YANGZIJIANG Shipbuilding Holdings (YZJ) saw its quarterly net profit jump to 607.8 million yuan (S$124.5 million) from 41.5 million yuan a year ago on the back of a huge increase in other income due to recognition of advance payment from terminated shipbuilding contracts and lower expenses.

YANGZIJIANG Shipbuilding Holdings (YZJ) saw its quarterly net profit jump to 607.8 million yuan (S$124.5 million) from 41.5 million yuan a year ago on the back of a huge increase in other income due to recognition of advance payment from terminated shipbuilding contracts and lower expenses.

Revenue for the China-based shipbuilder in the three months to December 2016 came in 76 per cent higher at 5.5 billion yuan from 3.1 billion yuan.

The shipbuilding business recorded a revenue of 3.98 billion yuan in the quarter during which nine vessels were delivered according to schedule - higher than six delivered in FY2015's fourth quarter.

For the full year, YZJ's net profit fell 29 per cent to 1.8 billion yuan on the back of a 6 per cent drop in revenue to 15 billion yuan.

sentifi.com

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Earnings per share for the full year stood at 45.73 yuan cents from 64.19 yuan cents a year ago.

The company has proposed a final dividend per share of four Singapore cents versus the previous year's 4.5 Singapore cents.

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