|
The net profit was achieved on revenue of RMB746.3 million in 2Q2011, which increased 33.8% from RMB557.9 million in 2Q2010 as the Group delivered two 85,000 LTDW oil tankers, one 79,800 DWT and one 80,000 DWT bulk carriers. Customers from the PRC, Indonesia and Singapore increased orders for bulk carriers and oil tankers, raising the contribution from Asian buyers to 75% of revenue in 2Q2011 from 57% in 2Q2010. Of these, PRC buyers accounted for 28% of 2Q2011 revenue. Other customers were mostly from the United Kingdom, Croatia and Turkey. Gross margin rose to 14.0% in 2Q2011 from 11.8% in 2Q2010 mainly due to construction of highermargin bulk carriers, and improved production and cost efficiency. Gross profit increased by 58.8% to RMB104.1 million in 2Q2011 compared to RMB65.6 million in 2Q2010. On a half-year basis, 1H2011 (January-June 2011 period) net profit soared to RMB148.9 million from RMB4.4 million a year ago, on revenue of RMB1.4 billion and RMB822.3 million, respectively. The Group benefited from a net foreign exchange gain of RMB75.3 million in 2Q2011 compared to RMB4.4 million in 2Q2010 due to higher RMB recorded when advances were received from customers against lower RMB revenue recognized upon the vessels delivery in 2Q2011. Earnings per share for 1H2011 rose to 12.77 RMB cents from 0.38 RMB cents (based on weighted average of 1,166,028,000 shares). Net asset value per share as at 30 June 2011 rose to 157.22 RMB cents from 144.31 RMB cents as at 31 December 2010. JES has sufficient orders to keep the new and old yard busy for the next 12 months. It will continue to deepen relationships with existing customers to seek fresh orders while expanding its customer base, focusing on bigger vessels with higher contract prices. Commenting on the results, JES Chairman and Chief Executive Officer Mr. Jin Xin, said: “The performance in 1H2011 is the first full half-year recognition of contributions from our new yard. The exceptional performance underscores the success of our business development in the PRC and other parts of Asia at a time of weaker growth in Europe.” “The new yard offers economies of scale while serving as a catalyst for the Group to introduce new and more efficient production technology, improved ship designs, management practices as well as improve the Group’s value proposition to customers with a view to winning vessel orders with higher contract prices.” he said. About JES International Holdings Limited JES is a leading PRC shipbuilding group with production facilities capable of producing different types of vessels below 500,000 DWT, including non-standard vessels. Its principal products include: bulk carriers, crude oil tankers, containerships, ocean-engineering vessels. The Group’s shipyard is located at Shiwei Port, Jingjiang City, Jiangsu Province, PRC, featuring an approximately 1,800-meter-long coastline with access to deep water and stable currents. The facilities cover a gross land area of approximately 804,000 sqm and include an integrated block workshop, 16 paint shops, one drydock, two slipways and four outfitting wharfs that cover every stage of the shipbuilding process. Each slipway is equipped with gantry cranes and can accommodate vessels up to 100,000 DWT. The block workshop – comprising facilities such as steel prefabrication and cutting centre, plane block assembly centre and curved block assembly centre – covers an area of approximately 150,000 sqm and is able to produce blocks of up to 300 tonnes each. The integrated block workshop has an annual steel fabrication capacity of approximately 300,000 tonnes and allows steel structure works to be done indoors, reducing inefficiencies caused by bad weather. The new 400-metre long by 140-metre wide drydock is equipped with one 1,200-tonne gantry crane, auxiliary facilities and other lifting equipment. With the addition of this drydock, JES is now able to concurrently construct three bulk carriers of up to 180,000 DWT each or two crude oil tankers of up to 300,000 DWT each or very large ocean-engineering vessels and offshore equipment. Both the block workshop and drydock were completed in 2010. The Group’s customers include major ship-owners based in Europe, America and Asia (including the PRC). JES International Holdings Limited |
JES International Holdings Limited – 2Q2011 Press release
