Yangzijiang Shipbuilding (Holdings) has posted record high net profit for the first quarter of this year due largely to higher margins from its shipbuilding contracts. Net profit for the quarter rose 63% to RMB954.9m from RMB586.4m in the same quarter of 2010, the Singapore-listed firm announced Thursday. Revenue also rose 14% to RMB3.1bn for the quarter.
“With a view to enhance our competitiveness, we will continue to put greater emphasis on developing newer vessel models that are more fuel-efficient and have higher loading capacity,” said Ren Yuanlin, executive chairman of Yangzijiang.
“We are also looking at increasing our capacity through additional stake in the Xinfu yard and will develop this yard for constructing bigger VLCCs or similar type of vessels.” The Chinese yard has secured 14 contracts worth $512.3m over the first quarter, bringing its total order book to 131 vessels valued at $5.4bn as at 31 March 2011.
“With a view to enhance our competitiveness, we will continue to put greater emphasis on developing newer vessel models that are more fuel-efficient and have higher loading capacity,” said Ren Yuanlin, executive chairman of Yangzijiang.
“We are also looking at increasing our capacity through additional stake in the Xinfu yard and will develop this yard for constructing bigger VLCCs or similar type of vessels.” The Chinese yard has secured 14 contracts worth $512.3m over the first quarter, bringing its total order book to 131 vessels valued at $5.4bn as at 31 March 2011.