JES International posts Q1 net profit of $4.9mln

Chinese shipbuilder JES International has swung to a net profit in the first quarter, reversing from the heavy losses in the previous year's quarter. The Singapore-listed firm posted net profit of RMB31.6m ($4.9m) in the first quarter compared to a net loss of RMB43.2m in the same quarter of 2010. Revenue rose sharply to RMB663.1m as against RMB264.4m a year ago. JES attributed the higher revenue to an increased rate of production and the delivery of one 80,000 dwt bulk carrier. JES had in late-2010 completed the construction of a second new yard in China, raising its annual shipbuilding capacity to approximately 2m dwt. “The group has announced its plans to penetrate the offshore equipment sector and to explore opportunities to diversify into high-margin upstream and downstream ventures such as logistics and shipping,” it said.