YANGZIJIANG Shipbuilding posted a 17-per-cent drop in net profit to 773.9 million yuan (S$154.5 million) for Q2 FY2020 ended June, as its top line took a hit from lower contributions from the trading business. Read more at The Business Times.
For H1, Yangzijiang posted a steeper 34 per cent fall in net profit to 1.2 million yuan, on the back of a 38 per cent fall in revenue to 8.3 billion yuan.
Despite a temporary shutdown from February to early March, Yangzijiang resumed full-capacity operations in April and said that it has “made up for the lost time”. Its recent vessel deliveries included several New Panamax dry bulkers. In July, it delivered a 12,600 20-foot equivalent containership, the largest it has ever built.
Covid-19 continues to weigh on the price of new vessels and charter rates, and has dampened shipowners’ sentiment, Yangzijiang said. However, its new order wins for of US$517 million for H1 was more than double that from a year ago, it noted. The firm’s chief executive and chairman, Ren Letian, said: “Our customer base has grown to include more Chinese ship-owners, and our shipbuilding portfolio has become more diversified with an increased focus on dual-fuel vessels and LNG-related vessels. We remain financially strong with a net-cash position, providing a vital condition for survival in an economic downturn."
Shares of Yangzijiang closed at S$0.935 on Wednesday, up 2.75 per cent, before the results announcement.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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