SINGAPORE (MarketWatch) -- Yangzijiang Shipbuilding Holdings Ltd. (YSHLF, 911609.TW, BS6.SG) said its first-quarter net profit rose 7%, helped by higher revenue recognition from the delivery of shipbuilding contracts secured prior to the financial crisis and the inclusion of revenue from its ship-demolition business.
The China-based shipbuilder reported net profit of CNY1.0 billion for the three-months ended March 31, up with CNY954.9 million a year earlier, it said in a statement to the Singapore Exchange.
Yangzijiang, which focuses on building commercial vessels ranging from container ships, bulk cargo carriers and multipurpose cargo vessels, reported a 12% rise in revenue to CNY3.7 billion.
In the last quarter, the group delivered 15 vessels and as of March 31, its order book stood at US$4.5 billion comprising 96 vessels.
Source: By Matthew Allen. 26 April 2012