* Q2 profit climbs 52 pct to 1.2 bln yuan from year earlier
* Q2 revenue drops 3 pct from year-ago period
(Adds details on order book, investment assets)
SINGAPORE Aug 6 China's Yangzijiang
Shipbuilding Holdings Ltd said on Wednesday
second-quarter net profit jumped 52 percent to a record high as
some cash deposits matured.
Yangzijiang, one of China's largest shipbuilders, said net
profit climbed to 1.24 billion yuan ($201 million), although
revenue eased 3 percent from a year earlier as fewer vessels
were delivered in the quarter.
The shipbuilder said it is optimistic that the industry is
on track for a recovery, noting there is increasing demand for
more complex and larger vessels.
"The Group continued to witness gradual increase in new
shipbuilding prices in tandem with a steady number of vessel
newbuild enquires," it said in a statement.
Yangzijiang secured new orders worth $1.4 billion in the
first half of 2014, including those for bulk carriers and
container ships, pushing its outstanding order book to $5
billion. Its yard capacity is expected to be highly utilised
until end of 2016, the company said.
Large investments in held-to-maturity assets, which have
dampened investors' interest in the company due to the lack of
transparency, decreased nearly 8 percent from the end of 2013 to
13 billion yuan at the end of June. This is in line with the
company's plan to trim its non-shipbuilding business.
($1 = 6.1705 Chinese Yuan)
(Reporting by Rujun Shen; Editing by Edwina Gibbs)