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
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