Yangzijiang

Yangzijiang: 3Q14 net profit inched down 1% to Rmb811.2m taking 9M14 net profit to Rmb2.8b (+21%). Revenue was up 2% to Rmb3.7b, with revenue derived from the shipbuilding related segment stable at Rmb3.3b, while revenue from the investment segment rose 24% to Rmb433.0m, led by rising contributions from held-to-maturity investment as well as the micro finance business. Gross margin was at 28.4% versus 29.6% the previous year. Bottom-line was weighed by a 46% drop in other income to Rmb68.7m due to lower interest income earned from bank deposits, and also a 25% decline in other gains to Rmb74.7m due to lower subsidy income and FX gains. Order book as at Sep ’14 stood at US$4.6b.