Stiff competition hits Yangzijiang Q3 gain

Singapore

YANGZIJIANG Shipbuilding emerged from a choppy third quarter with a 16 per cent year-on-year fall in net profit to 680.7 million yuan (S$150 million) despite a 10 per cent rise in revenue to 4.1 billion yuan on increased shipbuilding order.

The China-based yard was squeezed by poorer margin amid stiffer competition in the face of slower newbuild demand growth. Group cost of sales jumped 18 per cent resulting in an 8 per cent drop in gross profit to 976.6 million yuan.