Yangzijiang’s net profit sinks by 60% to $83.8m in 2Q

It didn’t have a one-off gain to bank on for this quarter.

The shipbuilding firm wasn’t spared from the industry wide maelstrom engulfing it, as it saw its revenue fall by 48% to RMB2.99b in the second quarter.

According to a report by OCBC, excluding one-off gains, core net profit declined 41% YoY to RMB 453m in the quarter.

Meanwhille, it also experienced blows in its order book for the quarter, as three shipbuilding orders were terminated in the period, all of which production has not started yet.

“On a more positive note, seven out of the eight orders that were terminated in 1Q16 and one out of the two orders terminated in 2015 found new buyers in the quarter,” OCBC noted.

Additionally, for the remaining two orders, construction has not commenced.