Singapore: One of China’s more nimble shipyards, Singapore-listed Yangzijiang Shipbuilding, stayed in positive territory for 2012, though admits conditions are very tough.
The yard group managed sales of RMB14.8bn, down 6% year-on-year, figures that were buoyed by lots of ship demolition. Net profit fell 10% to RMB3.6bn, a very creditable performance when more than three quarters of its peers are in the red.
“The group remains in a healthy position considering the sombre circumstances faced by the commercial shipbuilding industry,” the company’s executive chairman, Reb Yuanlin, said in a statement. “We have anticipated this deterioration in the business environment many quarters ahead and were thus able to take a proactive approach. Our strategy to counter this difficult time is by diversifying our business model into an integrated marine service provider.”
However, in concluding, Yangzijiang warned: “The industry downturn may have a prolonged impact that stretches beyond 2013.” [22/02/13]
