Higher margin containership newbuilding orders have helped boost fourth quarter profit at Yangzijiang Shipbuilding, despite a fall in revenue.
China’s largest privately-owned shipbuilder saw net income increase 17% year-on-year to CNY 798.2m ($123.5m) despite revenue falling 38% to CNY 2.9bn.
The group’s shipbuilding business registered a gross profit margin of 24% for the fourth quarter versus the 12% seen a year ago, mainly due to the construction of more containerships with higher margins.
