JES

JES: 2Q14 net profit was at Rmb17.5m versus a net loss of Rmb114.3m. Revenue fell 66.6% to Rmb69.7m, mainly due to the decrease in production activity and continued construction of two vessels under disputes for which revenue are no longer recognized in the income statement in 2Q14. In line with the fall in production, the group incurred gross loss of Rmb18.1m versus a gross loss of Rmb67.m. Bottom-line was however propelled by a 701.2% rise in other operating income to Rmb62.9m, due to the reversal of liquidated and ascertained damages of Rmb59.7m provided on one vessel which the contract delivery date has been extended; and the gain on sales from disposal of scrap materials.