JES International Holdings, the major China shipbuilding group capable of producing different types of vessels, today says group revenue for the Jul-Sept 2009 (3Q09) financial period declined 27.5% to RMB 300 million in 3Q09 from RMB 413.7 in 3Q08, largely due to slower production progress and some delays in vessel deliveries.

Bulk carriers contributed 82.6% of revenue for 3Q09, in line with the group’s strategy for the existing yard, while oil tankers and container ships contributed the remaining 17.4%.

In line with the decrease in turnover, cost of sales fell 19.7% to RMB 271.3 million in 3Q09 from RMB 337.7 million in 3Q08. Gross profit and profit attributable to equity holders decreased to RMB 28.7 million and RMB 1.6 million in 3Q09, from RMB 76 million and RMB 39.3 million in 2Q09, respectively.

On a nine-month basis, JES recorded a net loss of RMB 43.9 million and revenue of RMB 980.1 million for 2009, compared to a net profit of RMB 91.5 million and revenue of RMB 1,055.7 million in the same period in 2008, due to higher costs of production.

Earnings per share for the 3Q09 period was 0.14 RMB cent (based on weighted average share base of 1,166,028,000) compared to earnings per share of 3.37 RMB cents for 3Q08 (based on weighted average share base of 1,166,028,000). Net asset value per share as at 30 September 2009 were 143.41 RMB cents (based on a share base of 1,166,028,000) from 147.03 RMB cents as at 31 December 2008 (based on a share base of 1,166,028,000).