See how Yangzijiang beats forecast despite 6% net profit drop

Revenue up by 2% to RMB3.67b.

According to OCBC Investment Research, Yangzijiang Shipbuilding (YZJ) reported a 2% YoY rise in revenue to RMB3.67b and a 6% decrease in net profit to RMB820.7m, such that both 9M13 revenue and net profit accounted for about 80% of OCBC's full year forecasts, slightly better than its expectations.

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Gross profit margin remained healthy at 29.6% in 3Q13 vs. 29.4% in 3Q12 and 27.5% in 2Q13, while administrative expenses were contained at about 2% of revenue in the quarter. Encouragingly, there were also no vessel cessations in 3Q13.

Meanwhile, time will be needed for the group to move significantly into the offshore oil and gas sector –its first jack-up rig is scheduled for delivery in mid-2015.