Yangzijiang confident of 30% growth in net profit in H1

Mainboard-listed Yangzijiang Shipbuilding said it is confident of delivering at least 30 per cent growth in net profit in its upcoming first half results announcement.The ship builder came

out strongly in a filing to the Singapore Exchange after its share price fluctuated recently and a newspaper reported that it has fallen due to high exposure to European based customers.
Yangzijiang said the market landscape has changed after the financial crisis, and that means more new opportunities for Asian ship owners to build and expand their fleet.
This after it was reported that over 70 per cent of the Group's revenue was exposed to European based customers.
It added that it is confident of delivering at least 30 per cent growth in net profit because of timely vessel delivery within the first half.
It expects to meet its vessel delivery target of 65 vessels this year, compared with that of 50 vessels last year.
Meanwhile, Yangzijiang said it has no immediate plans for a convertible bond issue.