Yangzijiang Shipbuilding posts 63% rise in 1Q net profit to record $180m

Yangzijiang Shipbuilding (Holdings), one of China’s leading shipbuilders, says net profit attributable to equity holders increased 63% y-o-y to RMB954.9 million ($180 million) for 1Q2011 with the net profit margin increasing from 21.9% in 1Q2010 to 31.3% in 1Q2011.

Group revenue increased 14% to RMB3.05 billion in 1Q2011 with the group delivering 17 vessels in 1Q2011. Fourteen were delivered (8 from the new yard and 6 from the old yard) compared with 10 vessels delivered in 1Q2010 while subsidiary Jiangsu Yangzi Changbo Shipbuilding Co. delivered 3 vessels in 1Q2011.

As at 31 March 2011, Yangzijiang’s order book stood at 131 vessels worth US$5.38 billion ($6.6 billion).