Mainboard-listed Yangzijiang Shipholdings has reported earnings of RMB761.7 million ($155.7 million) for the 1QFY2021 ended March, 89% higher than earnings of RMB403.8 million for the 1QFY2020.

Despite the higher earnings, revenue during the period fell 25% y-o-y to RMB2.62 billion due to lower shipbuilding activities and lower trading revenue, but offset by revenue from other shipbuilding businesses due to an expanded fleet size and improved charter rates.

Gross profit, however, increased by 12% y-o-y to RMB802.3 million.

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