Yangzijiang's net profit soars 49% to $135.3m in Q1

All thanks to the resale of four bulk carriers.

Shipbuilder Yangzijiang reported a good set of numbers in the past quarter, with its net profit jumping 49% to $135.3m (RMB 667.7m).

OCBC Investment Research noted that this came with the 73% surge in revenues to $951.6m (RMB 4.7b).

The healthy results were due to the higher revenue from the shipbuilding business, which was driven by the resale of four 82,000DWT bulk carriers amounting to $111.6m (RMB 551m).

The group's trading business also reported higher revenue of $303.8m (RMB 1.5b), compared to the $87.1m (RMB 430m) reported last year.

For the said quarter, the group secured new orders of US$318m.