Yangzijiang Shipbuilding posted a strong first quarter results due mainly to boost in revenue from its shipbuilding segment, Seatrade Asia online reports. The Chinese shipbuilder recorded a 7% year-on-year increase in first quarter net profit to RMB1.02bn ($161.87m) compared to RMB954.86m in the same period of last year.
The Singapore-listed firm generated revenue of RMB3.69bn compared to RMB3.29bn a year ago.
During the first quarter, Yangzijiang delivered a total of 15 vessels and won $206.2m worth of new orders to build seven vessels. Its orderbook stood at $4.5bn as at 31 March 2012, comprising 96 vessels.
“The shipbuilding industry in general is going through a consolidation phase and in order for us to maintain the group's competitiveness, our strategy is to scale up in the vessel value chain and build larger and better vessels,” said Ren Yuanlin, executive chairman at Yangzijiang.
“In the long run, our aim is to offer a comprehensive range of products that comprise high-end and sophisticated vessels that are as advanced as the ones produced in South Korea and Japan,” he said.
The Singapore-listed firm generated revenue of RMB3.69bn compared to RMB3.29bn a year ago.
During the first quarter, Yangzijiang delivered a total of 15 vessels and won $206.2m worth of new orders to build seven vessels. Its orderbook stood at $4.5bn as at 31 March 2012, comprising 96 vessels.
“The shipbuilding industry in general is going through a consolidation phase and in order for us to maintain the group's competitiveness, our strategy is to scale up in the vessel value chain and build larger and better vessels,” said Ren Yuanlin, executive chairman at Yangzijiang.
“In the long run, our aim is to offer a comprehensive range of products that comprise high-end and sophisticated vessels that are as advanced as the ones produced in South Korea and Japan,” he said.