SINGAPORE - Yangzijiang Shipbuilding has posted a net profit of 667.7 million yuan (S$135.1 million) in the first quarter, up 49 per cent from the same period a year ago.

Revenue in the three months ended March 31 was 4.7 billion yuan, up 73 per cent from a year ago.

Although 14 vessels were delivered in the quarter, versus 15 delivered in the first quarter lat year, revenue from the core shipbuilding business rose 43 per cent from a year ago to 2.89 billion yuan.

Earnings per share was 17.42 yuan cents, up from 11.69 yuan cents a year ago.

Net asset value per share was 609.62 yuan cents as at March 31, up from 592.2 yuan cents as at Dec 31.