China-based Yangzijiang Shipbuilding posted a 208 percent jump in third-quarter profit, sending its shares up as much as 5 percent.
Here are some of the highlights of the results:
- Net profit rose to 866 million yuan (S$177.5 million) for the three months ended September 30 compared to a profit of 281.2 million yuan an year ago. Revenue rose 13 per cent to 4.38 billion yuan.
- Yangzijiang Shipbuilding, which makes ships and a wide range of commercial vessels, said revenue derived from shipbuilding business increased by 4 percent to 2.8 billion yuan.
- Gross profit margin for shipbuilding business was at 15 percent in the quarter, lower than the 24 percent in the corresponding period last year. The lower margin was mainly due to the appreciation of RMB against USD since the beginning of 2017 and the increase in raw material prices.
- ""The shipbuilding market has continued to recover, especially in the dry bulk carrier segment. We have achieved our new order taking target for 2017 ahead of schedule, and we'll continue to ride the wave and build up our order book," Executive Chairman Ren Yuanlin said. As at 30 September 2017, the company had an outstanding order book of US$4.3 billion for 103 vessels.
- The stock rose 7 Singapore cents, or 4.5 percent, to S$1.635. Some 15.8 million shares had changed hands by then, making it the second- most heavily traded stock on the Singapore Exchange.
