Yangzijiang Q4 profit plunges on impairments

Singapore

YANGZIJIANG Shipbuilding (YZJ) saw its fourth-quarter net profit plunge to 41.45 million yuan (S$8.9 million), 93 per cent down from 636.56 million yuan a year ago mainly on higher impairments and foreign exchange-related losses.

Revenue fell 17 per cent to 3.13 billion yuan but gross profit rose 10 per cent to 925.60 million yuan as cost of sales fell 25 per cent to 2.20 billion yuan.

Dur…