China's Yangzijiang Shipbuilding Q1 Net Profit Rises
China's Yangzijiang Shipbuilding Holdings Ltd said its net profit in the first quarter rose 11 percent from a year earlier, as profit growth from its investment business compensated for the slide in shipbuilding earnings.
The company, one of China's top shipbuilders, reported a net profit of 799.2 million yuan ($127.71 million). Revenue grew 24 percent to 3.55 billion yuan, Yangzijiang said in a statement.
Yangzijiang pocketed orders worth $1.07 billion year-to-date, and held an outstanding order book of $5.19 billion, which will keep the yard fully utilised until the end of 2016, the company also said.
The company's shipbuilding division contributed a gross profit of 457.0 million yuan, down 29 percent from a year earlier, while gross profit from its investment business jumped about 50 percent to 561.5 million yuan. ($1 = 6.2580 Chinese Yuan)
Copyright Reuters 2014.
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