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Yangzijiang posts 49% rise in 1Q earnings to $135 mil

PC Lee
PC Lee • 1 min read
Yangzijiang posts 49% rise in 1Q earnings to $135 mil
SINGAPORE (April 27): Yangzijiang Shipbuilding saw a 49% rise in 1Q earnings to RMB 667.7 million yuan ($135.4 million).
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SINGAPORE (April 27): Yangzijiang Shipbuilding saw a 49% rise in 1Q earnings to RMB 667.7 million yuan ($135.4 million).

Earnings per share rose to RMB 17.42 from RMB 11.69 cents a year ago.

Revenue for the three months ended March rose 73% to RMB 4.68 billion. Revenue from its core shipbuilding business increased by 43% to RMB 2.89 billion with 14 vessels being delivered during the quarter.

Executive chairman Ren Yuanlin said: “The improved sentiment on the shipbuilding market not only led to a pick-up in new shipbuilding orders, but also helped us find new buyers for several orders that were previously terminated.

“However, as the sustainability of the recovery is uncertain, we will remain cautiously optimistic, mindful of the market dynamics, give preference to good-quality orders and continue to build up the order book.”

Shares of Yangzijiang closed at $1.16 on Thursday.

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