Yangzijiang to slash jobs to ride tough climate; full-year gain falls 29% to 1.7b yuan

Singapore

YANGZIJIANG Shipbuilding Holdings, the largest Chinese firm listed on the Singapore Exchange, said it expects the number of shipbuilders to dwindle by over 70 per cent this year from 2009 levels and capacity halved from the peak as industry players restructure to stay afloat.

Despite the choppy climate in 2016, however, the world's fourth largest shipbuilder in terms of outstanding order book, gave itself a pat on the back for turning in a profit for the year ended December 2016, albeit lower by 29 per cent at 1.75 billion yuan (S$348 million) against a 6 per cent dip in revenue to 15 billion yuan.