China-based shipbuilder JES International Holdings, says it posted net attributable profit for the July-September 2010 (3Q2010) soared to RMB 22.5 million ($4.3 million) from RMB 1.6 million in 3Q2009.

JES says the profit surge was achieved on the back of a 113.7% increase in revenue to RMB 641.0 million in 3Q2010 from RMB 300.0 million in 3Q2009, mainly due to more vessels in construction, with the increased capacities coming from the recently completed new yard facilities.

In 3Q2010, the group delivered two 37,500 deadweight tonnes (DWT) bulk carriers and one 79,800 DWT bulk carrier, as compared to 3Q2009 where shipbuilding operations were affected by slower production progress and delays in vessel deliveries. JES reported gross profit margin of 9.0% in 3Q2010.

Earnings per share rose to 1.93 RMB cents from 0.14 RMB cent for 3Q2009 (based on weighted average of 1,166,028,000 shares). Net asset value per share as at 30 September 2010 rose to 140.8 RMB cents from 138.6 RMB cents as at 31 December 2009.

To-date in FY2010, the group has successfully contracted 24 new vessels, bringing its total orderbook as at 30 September 2010 to a total of 35 vessels valued at RMB 900 million (corrected). These orders, which will be constructed at both the group’s old and new yards, will be progressively delivered over the next 24 months.

In view of the above factors and barring unforeseen circumstances, the group says it remains confident that its financial performance for FY2010 will exceed FY2009.