Yangzijiang Shipbuilding: Confident Of At Least 30% Growth In 1H Net

Yangzijiang ShipbuildingSINGAPORE -Yangzijiang Shipbuilding (Holdings) Ltd. (BS6.SG) said Tuesday it expects “not less than” 30% growth in net profit in the first half of the year when it announces its earnings on Aug. 11.

The company is on schedule to meet its target of delivering 65 vessels in 2011, compared with 50 last year, Yangzijiang said in a statement to the Singapore Exchange.

The company has no immediate plans for a convertible bond issue, it said.

“Yangzijiang has received many fund raising proposals, including those that target at reducing the group’s financing costs, currency risk management and further improvement of operational cashflow, from various banks and financial institutions. The board has adopted a cautious approach in assessing and evaluating the group’s cashflow and its relevancy to share price movements,” it said in the statement.

Yangzijiang shares have fallen 15% since July 8 and closed down 5.7% at S$1.235 on Monday.

-By Gaurav Raghuvanshi; Dow Jones Newswires