Yangzijiang's Q2 profit falls 60%

Singapore

YANGZIJIANG Shipbuilding (YZJ), on posting a 60 per cent drop in Q2 net profit, said before trading closed on Friday that ongoing efforts are being made to trim costs in its core shipbuilding business, while the group is looking to further diversify its revenue stream to tide over a protracted downturn in the maritime sector.

Flagging a report by leading brokerage and research house, Clarksons, the Chinese shipbuilding group said sentiments for the shipbuilding industry remain weak, with global outstanding shipbuilding orders seen falling to 100 million compensated gross tonnes over the first half of 2016, the lowest level since June 2013.