Yangzijiang Shipbuilding reports higher profit for Q4 FY20; maintains dividend
YANGZIJIANG Shipbuilding's net profit for the fourth quarter ended Dec 31, 2020, rose 17 per cent year on year to 753.46 million yuan (S$154 million) as margins improved.
Revenue was 38 per cent lower year-on-year at three billion yuan as it delivered less vessels, while earnings per share clocked 64.39 fen, down from 78.88 fen previously.
For the full year, net profit shrank 19 per cent to 2.52 billion yuan while revenue was 37 per cent lower at 14.84 billion yuan.
The group has proposed a dividend of 4.5 Singapore cents per share for FY20, on a par with FY19.
"Despite unprecedented challenges faced in 2020 and a decline of new shipbuilding orders, market demand and sentiment improved towards the end of 2020," said chief executive Ren Letian. "Yangzijiang's relentless pursuit in R&D to innovate, and introduce quality and efficient vessels to the shipbuilding market has placed us in an advantageous position to capture emerging market opportunities as major economies begin to set foot on a path to gradual recovery."
The counter closed at S$1.06 on Thursday, up two Singapore cents or 1.92 per cent.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Everything Apple plans to show at May 7 ‘let loose’ iPad event
BNP weighing up to 150 job cuts in Geneva to slash costs
Bitcoin’s wild price swings point to the rising influence of ETF buyers
Paramount will let exclusive talks with Skydance lapse: NYT
Citi says European authorities are scrutinising 2022 flash crash
Tech platforms make pitch for ad deals as TikTok is roiled by politics