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Yangzijiang remains profitable amid tough shipbuilding business

Yangzijiang remains profitable amid tough shipbuilding business
China's Yangzijiang Shipbuilding maintained a profit in its financial year 2013 despite a challenging operating environment for shipyards globally, especially in China.

The Singapore-listed shipbuilder posted a profit of RMB3.1bn ($506.15m) in 2013, down 13.4% compared to RMB3.58bn in 2012 due largely to increased taxation expenses.

Revenue was largely stable at RMB14.34bn, mainly contributed by the company's core shipbuilding business.

Last year, Yangzijiang delivered 34 vessels compared to 51 vessels in 2012. The lower number of vessel delivery was offset by a higher proportion of large vessels delivered in 2013.

“2013 has been another grueling year for the commercial shipbuilding industry in China, with many yards struggling with severe overcapacity and a dearth of new orders,” said Ren Yuanlin, executive chairman of Yangzijiang.

“Yangzijiang has managed to remain resilient through this challenging environment due to our practice of delivering quality vessels, strong risk management, and maintaining sound financial position,” he added.

The group's outstanding orderbook as at 27 February 2013 stood at 111 vessels worth $4.6bn, with 11 options worth $720m.

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