Yangzijiang Shipbuilding (Holdings)'s net profit for the 3Q12 fell 14% year'on'year to 877.2mil yuan (S$171mil), as its yards delivered fewer ships. Group revenue dipped 1% to 3.61bil yuan, as sharply higher contributions from its supplementary income streams  '  microfinancing and held'to'maturity investments  '  could not o'set a slowdown in shipbuilding activities. It intends to delve into shipping logistics and property development.

Separately, Yangzijiang said that its yard, Jiangsu New Yangzi Shipbuilding Co (JNYSCO), has entered into a land development agreement with two parties as part of its strategy to diversify beyond its core shipbuilding business. Yangzijiang's net order book is at its lowest levels in years due to low orders. It stood at US$3.6bil as at Sept 30 with US$300 million added in the first half and no new contracts in Q3.

Source: The Business Times