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JES International sinks into the red

JES International sinks into the red
Chinese shipbuilder JES International plunged into the red in the first quarter as revenues tumbled.

The Singapore-listed company sank into a loss of RMB91.21m ($14.83m) in the quarter ended 31 March 2013 as against a profit of RMB12.62m in the same period of last year.

Revenue plummeted 65.8% year-on-year to RMB228.88m due mainly to lower shipbuilding contract prices, slower production process and the Chinese New Year holidays.

JES intends to venture deeper into the offshore space, following on from a letter of intent signed to construct up to four offshore accommodation vessels each valued at about $147m.

“The present operating environment remains tough as the shipping/shipbuilding industry continues to be challenging since the US and Europe economies remain on a protracted path to recovery. The group is very cautious about FY13,” it said.

TAGS: Shipyards