Yanzijiang’s net profit down 1% in Q3 with no turnaround in sight

The group delivered 8 vessels last quarter.

Yangzijiang shipbuilding reported a 1% year-on-year fall in net profit to $171.9m (RMB811.2m) in Q3, in spite of the fact that its revenue rose 2% year-on-year to $783m (RMB 3.7b).

According to OCBC, the China Association of The National Shipbuilding Industry (CANSI) has noted that new ship prices remain subdued as the shipbuilding market is still facing challenging conditions.

“Excluding a one-off tax credit of RMB349m in 2Q14, 9M14 core net profit accounted for 77% of our full year estimate. The group delivered eight vessels in 3Q14, and its order book stands at 114 vessels worth a total of US$4.6b,” noted OCBC.

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