JES International posts Q2 results

Singapore-listed Chinese shipbuilder JES International saw a plunge in second quarter net profit and a dip in revenue, Seatrade Asia online reports.

Second quarter net profit plummeted 82.9% to RMB20m ($3.1m) from RMB117.3m in the same period of last year. Revenue dipped 1.2% year-on-year to RMB737.4m.

JES blamed the sharp fall in profit to lower margins for the ongoing contracts and higher production overheads such as higher depreciation expense.

The shipyard delivered two 79,800 dwt and three 82,000 dwt bulk carriers in the second quarter.

“Despite the uncertainty from US and European economies and barring and unforeseen circumstances, the group is cautiously optimistic that financial year 2012 would be a profitable year,” said JES.