Yangzijiang reports Q3 profit rise

Yangzijiang Shipbuilding has reported a profit of RMB959.6m ($151.35m) for the third quarter of 2011, an increase of 32% compared to RMB724.6m ($114.28m) recorded in Q3 2010.

The Chinese shipyard's third-quarter revenue increased by 12% to RMB3.46bn ($545.72m) compared to RMB3.08bn ($485.78m) for the same time in 2010.

In the third quarter of 2011 the company delivered 19 vessels compared to 14 vessels delivered in third quarter of 2010.

The company said the improvement in gross profit was mainly due to the higher margin shipbuilding contracts delivered and under construction which were secured prior to the financial crisis.

As of 30 September 2011, the company's order book stood at 114 vessels worth a total of $5.3bn.