Shipbuilder Yangzijiang on Friday posted a 30 per cent slide in net profit to RMB717.2 million for its first quarter ended March 31, 2013, down from RMB1 billion a year ago.
Revenue for the quarter fell 22 per cent to RMB2.9 billion, from RMB3.7 billion a year earlier, hit by lower contributions from its core revenue driver, the shipbuilding related segment.
" The group was affected by the challenging environment faced by the overall commercial shipbuilding industry, which resulted in the cessation of one additional shipbuilding contract in 1Q2013, as well as the cessation of four shipbuilding contracts in 4Q2012 which impacted the original delivery schedule.
" As a result, the group delivered nine vessels in 1Q2013, compared to 15 vessels in 1Q2012," it said.