Yangzijiang Shipbuilding's net profit dipped 8% to RMB811.7m

But revenue jumped 12%.

According to OCBC Investment Research, Yangzijiang Shipbuilding (YZJ) reported a 12% YoY rise in revenue to RMB4.4b and a 8% decrease in net profit to RMB811.7m in 2Q13, such that 1H13 net profit accounted for 54% of our full year estimates, within expectations.

Here's more:

Gross margin in the shipbuilding related segment dropped from 24.2% in 2Q12 and 25.9% in 1Q13 to 20.6% in 2Q13, while gross margin in the group’s investment division remained high.

YZJ has secured 27 effective shipbuilding contracts worth US$1.01b in 1H13 with four other options converted into effective orders in Jul 2013. As growth in the shipbuilding industry remains slow, management is looking at its investments business to weather through challenging times.