Yangzijiang Shipbuilding's Q2 profit hit a new record high.

2014-08-07 09:00

August 6th, Yangzijiang Shipbuilding ( Location Comments News ) released its first-half financial report. The group's second-quarter 2014 profit reached 1.24 billion RMB, a historical high.

In the second quarter of 2014, the group's total revenue fell 3% year-on-year to 4.3 billion RMB. Although only 9 vessels were delivered in the second quarter of 2014, lower than the 11 vessels delivered in the second quarter of 2013, shipbuilding and related business revenue only decreased by 3.2% year-on-year to 3.9 billion RMB, mainly due to the group's construction and delivery of the first batch of high-priced 10,000-TEU containerships this period.

Yangzijiang Shipbuilding's shipbuilding business accounted for 86% of the total revenue of shipbuilding and related businesses (91% in the second quarter of 2013). In the second quarter of 2014, the trading business also effectively supplemented the revenue of shipbuilding-related businesses, accounting for about 12% of the revenue of shipbuilding-related businesses.

It is understood that Yangzijiang Shipbuilding's wholly-owned subsidiary, Jiangsu Xinyangzi Shipbuilding ( Location Comments News Recruitment ) Co., Ltd. has successfully obtained high-tech enterprise certification and can enjoy a preferential corporate income tax rate of 15% for three years from 2013. The tax refund of 349 million RMB in the 2013 fiscal year has been reflected in the group's first-half 2014 performance, and also led to a 52% year-on-year increase in the group's overall distributable net profit to shareholders in the second quarter of 2014, reaching 1.24 billion RMB, and the net profit margin also climbed to 29% (18% in the second quarter of 2013). Correspondingly, the basic earnings per share increased from RMB 0.2118 in the second quarter of 2013 to RMB 0.3226 in the second quarter of 2014.

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