CHINA-BASED shipbuilder Yangzijiang Shipbuilding posted an 8 per cent year-on-year decline in Q4 2013 attributable net profit to 746 million yuan (S$154 million) largely due to a decline in other income, while core shipbuilding profits were substantially higher.

During the quarter, the shipbuilding segment posted a 68 per cent year-on-year increase in Q4 2013 gross profits to 1,304 million yuan, despite a fall in revenue by 7.2 per cent to 3,002 million yuan in Q4 2013.

Management said that the group's shipbuilding segment continued to register healthy gross profit margins of 43 per cent in Q4 2013, as the group delivered higher margin shipbuilding contracts secured prior to the financial crisis. These contracts still contributed to a significant portion of margins, according to Yangzijiang.