Yangzijiang's Q1 profit up 11% at 799.2m yuan

Singapore

YANGZIJIANG Shipbuilding's first-quarter net profit rose 11 per cent to 799.2 million yuan from 717.2 million yuan a year ago. This was on the back of revenue surging 24 per cent, from 2.87 billion yuan to 3.55 billion yuan.

Revenue from the shipbuilding-related segment rose 18.4 per cent to 2.9 billion yuan during the quarter. Within this segment, the shipbuilding business contributed 63 per cent with the delivery of seven vessels. It was also supplemented by the expansion of the trading business which accounted for about 34 per cent. Other shipbuilding-related operations such as ship demolition, design services, and shipping logistics and chartering recorded 69.7 million yuan in revenue in Q1.