Yangzijiang Shipbuilding's profits fell 30% to RMB717.2m

It only delivered 9 vessels in 1Q.

According to OCBC Investment Research, Yangzijiang Shipbuilding reported a 22% YoY fall in revenue to RMB2.9b and a 30% drop in net profit to RMB717.2m in 1Q13, accounting for 24% and 26% of our full year estimates, respectively. 

Here's more:

Results were in line with our expectations, and we note that gross profit margin from the shipyard operations remained healthy at 25.9% vs 26.4% in 1Q12 and 24.1% in 4Q12.

Due to the difficult business climate faced by ship operators and an altered vessel delivery schedule with the cessation of previous orders, YZJ delivered nine vessels in 1Q13 vs 15 units in 1Q12. Still, the group entered into eight new shipbuilding contracts worth US$237m recently, bringing its order book to US$3.31b currently.