Yangzijiang to axe 10% of its staff this year

After reporting a slump in its net profit to RMB1.75b.

Shipbuilder Yangzijiang is expected to slash jobs at it courses through the tough climate.

According to a report from DBS Vickers Securities, the group expects the number of shipbuilders to dwindle by over 70% this year from 2009 levels and capacity halved from the peak as industry players restructure to stay afloat.

"To brace itself for more tough times, the shipbuilder plans to slash another 10% of its headcount in 2017 to 18,000," the report said.

This came as the group reported a 29% drop in full-year net profit to RMB 1.75b.

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