Yangzijiang Shipbuilding Q1 bottom line falls 11% to 595m yuan

Singapore

MAINBOARD-listed shipbuilder Yangzijiang (YZJ) Shipbuilding recorded a 10.9 per cent fall in net profit to 595.1 million yuan (S$124.9 million) for the first quarter.

This was mainly due to the appreciation of the Chinese renminbi against the US dollar and the increase in raw material prices which had contributed to an increase the company's cost of sales by 8 per cent to 4.1 billion yuan, it said on Thursday.