JES Q3 profit slashed by 75%

China-based shipbuilder JES International saw its third quarter net profit slashed by 75.1% due to lower margins and higher operating costs, despite improved revenue, Seatrade Asia online reports.

Net profit for the quarter fell to RMB11.73m ($1.88m) compared to RMB47.15m in the same period of last year, JES announced.

The Singapore-listed company reported third quarter revenue of RMB838.37m compared to RMB629.18m a year ago.

JES said its “current ongoing contracts carry lower expected margins and the production incurred higher overheads and costs such as depreciation expense.”