Yangzijiang Shipbuilding (Holdings), the China-based shipbuilder listed on the SGX mainboard, is pleased said the group’s 2Q2014 earnings stood at an all-time high of RMB1.24 billion ($251 million), up 52% from a year ago.
This was due to a 317% increase in other income to $214.9 million led by a one-off realisation of RMB130 million interest income from the release of restricted cash deposit which reached maturity in 2Q2014.
Total revenue for the group fell 3% to RMB4.3 billion for 2Q2014 having nine vessels delivered in 2Q2014 compared to 11 vessels in 2Q2013 although construction and delivery of the first batch of 10,000TEU containerships fetched higher contract prices.
Shipbuilding business accounted for about 86% of this segment’s revenue for 2Q2014 (2Q2013: 91%), supplemented by the trading business, whose revenue accounted for 12% of the segment’s revenue.
On the other hand, revenue contribution in 2Q2014 from HTM financial assets under investment segment decreased 43% quarter on quarter from RMB597.3 million to RMB339.9 million. This was due to several higher return investments having matured in 1Q2014.
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