Shares of Singapore-listed Chinese shipbuilder Yangzijiang (YAZG.SI) rose 2.4% in early trade on Tuesday after saying it it will report a first half net profit gain of at least 30%.
Yangzijiang, which will report earnings for the quarter ended June on Aug 11, issued a statement earlier on Tuesday in response to “the recent fluctuation in the company's share price” that has resulted in the value falling by about 32% since the start of May.
At 9:02 a.m., shares of Yangzijiang were traded at $1.265 with nearly 2 million shares changing hands.
Yangzijiang also said in a statement it was on track to meet its delivery target of 65 vessels in 2011, compared with 50 in 2010, and that it had no immediate plans to issue convertible bonds.
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