Third quarter profits more than doubled for Chinese shipbuilder JES International. The Singapore-listed shipbuilder reported a third quarter profit of RMB47.2m up 109% on the same period last year. Profits were up despite a slight slide in revenues to RMB629.2, 1.8% lower than in the third quarter of 2010.
The shipbuilder said the dip in revenues was due to, “slightly lower ship contract prices and temporarily interrupted production progress of continuing construction for additional manufacturing facilities in the second shipyard, which will improve productivity in the near future”. The construction of bulk carriers accounted for 88.5% of revenues.
The shipbuilder said the dip in revenues was due to, “slightly lower ship contract prices and temporarily interrupted production progress of continuing construction for additional manufacturing facilities in the second shipyard, which will improve productivity in the near future”. The construction of bulk carriers accounted for 88.5% of revenues.