The privately-owned Chinese shipbuilder posted full year net profit of RMB3.58bn ($573.78m), a 10% drop from RMB3.98bn in 2011. Revenue for the year ended 31 December 2012 also decreased 6% year-on-year to RMB14.8bn.
Singapore-listed Yangzijiang delivered a total of 51 ships in 2012 compared to 62 in 2011.
Due to the continued worsening of the commercial shipbuilding industry, Yangzijiang has recently ceased four shipbuilding contracts involving two 2,500 teu containerships and two 82,000 dwt dry bulk carriers. The yard is looking for new buyers for the containerships and work for the bulkers have not started.
“We have anticipated this deterioration in the business environment many quarters ahead and were thus able to take a proactive approach. Our strategy to counter this difficult time is by diversifying our business model into an integrated marine service provider,” said Ren Yuanlin, executive chairman of Yangzijiang.
“The transformation into an integrated marine service provider includes branching into the ship demolishing and steel fabrication industry.”
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