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Shipbuilder Yangzijiang's Q2 net profit rose 52% to $250.5 million

Published on Aug 6, 2014 10:38 AM
 
A ship under repair at a Yangzijiang shipyard in China. Mainboard-listed Chinese firm Yangzijiang Shipbuilding has reported a record quarterly earnings of 1.24 billion yuan (S$250.5 million), a 52 per cent spike in net profit from last year. -- PHOTO: YANGZIJIANG

SINGAPORE - Mainboard-listed Chinese firm Yangzijiang Shipbuilding has reported a record quarterly earnings of 1.24 billion yuan (S$250.5 million), a 52 per cent spike in net profit from last year.

The jump in profit came about despite revenue dropping 3 per cent to 4.3 billion yuan.

The company said in a statement on Wednesday that its shipbuilding revenue declined by 3.2 per cent to 3.9 billion yuan as it delivered only nine vessels in the quarter, down from last year's 11 vessels.

Much of its earnings were buoyed by a 317 per cent jump in its other income to 215 million yuan, mainly due to a one off realisation of 130 million interest income from its cash deposit that matured during the three months to June 30.

 
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