YZJ shares up again on strong Q2 results

Singapore

SHARES in Yangzijiang Shipbuilding (Holdings) got a further boost on Tuesday after it posted strong second-quarter financial results and on news that the stock, the worst performing in 2016, has become the best performing this year.

The stock rose as much as 8.4 per cent to an intra-day high of S$1.605 before closing 4.7 per cent higher at S$1.55. Some 40.5 million shares changed hands.

On Monday, Yangzijiang posted a 73 per cent surge in second-quarter net profit to 719.9 million yuan (S$146.1 million), thanks to higher revenue and lower finance costs. But with lower contract prices for the vess…