Yangzijiang Shipbuilding's revenue crashed 32% to RMB3.6b

It only delivered 12 vessels in 4Q.

According to OCBC Investment Research, Yangzijiang Shipbuilding reported a 32% YoY fall in revenue to RMB3.6b and a 22% drop in net profit to RMB807.7m in 4Q12, bringing full year revenue and net profit to RMB14.8b and RMB3.6b, respectively.

Here's more:

Results were largely in line with our expectations, with both revenue and net profit 4% shy of our full year estimates. Four shipbuilding contracts were ceased in 4Q12, affecting the original delivery schedule.

Hence the group only delivered 12 vessels in the quarter. The commercial shipbuilding industry is still in its down cycle and the operating environment continues to be difficult and challenging.

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