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Record Earnings in 2011 for China’s Yangzijiang Shipbuilding [REPORT]

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February 29, 2012

SINGAPORE (Dow Jones)–Yangzijiang Shipbuilding Holdings Ltd. (YSHLF, 911609.TW, BS6.SG) posted a 24% rise in its fourth quarter net profit, capping a record year of earnings for the China-based shipbuilder.

The company reported net profit of CNY1.04 billion for the three-months ended Dec. 31 2011, compared with CNY838.1 million in the previous year, as its yards worked at near full capacity, it said in a statement to the Singapore Exchange late on Wednesday.

The result came in line with the CNY1.05 billion net profit tipped in a Dow Jones Newswires poll of four analysts.

Yangzijiang, which focuses on building commercial vessels ranging from container ships, bulk cargo carriers and multi-purpose cargo vessels, reported a 21% rise in revenue to CNY5.24 billion, significantly better than the CNY3.74 billion expected in the poll.

In the last quarter, the group delivered 14 vessels and as at Dec. 31, its order book stood at 100 vessels worth US$4.7 billion. In addition, the Group secured seven new contracts with an aggregate contract value of US$206.2 million since the beginning of 2012, according to the statement.

For the full year, net profit rose 35% to CNY3.98 billion, and revenue rose 16% to CNY15.71 billion, it said.

-By Matthew Allen and Gaurav Raghuvanshi, Dow Jones Newswires

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