Privately-owned Yangzijiang Shipbuilding bagged a record net profit of over RMB1bn ($157.7m) for its third-quarter of 2011, Seatrade Asia online reports. The gleaming results were attributed to recognition of higher margin shipbuilding contracts delivered and under construction that were secured prior to the financial crisis, and the yard delivered more vessels in the third-quarter.
Singapore-listed Yangzijiang improved its net profit by 40% from RMB730.4m seen in the third-quarter of 2010.
Revenue also improved 12% year-on-year to RMB3.46bn, the company announced on Wednesday.
The shipbuilder delivered 19 ships during the quarter, up from 14 ships delivered in the same period of last year.
As at 30 September 2011, Yangzijiang's outstanding orderbook stood at 114 vessels worth a total of $5.3bn.
“The industry conditions are tough, but we are confident of winning new shipbuilding orders due to our unique and niche positioning,” said Ren Yuanlin, executive chairman at Yangzijiang.
Singapore-listed Yangzijiang improved its net profit by 40% from RMB730.4m seen in the third-quarter of 2010.
Revenue also improved 12% year-on-year to RMB3.46bn, the company announced on Wednesday.
The shipbuilder delivered 19 ships during the quarter, up from 14 ships delivered in the same period of last year.
As at 30 September 2011, Yangzijiang's outstanding orderbook stood at 114 vessels worth a total of $5.3bn.
“The industry conditions are tough, but we are confident of winning new shipbuilding orders due to our unique and niche positioning,” said Ren Yuanlin, executive chairman at Yangzijiang.