NOV 4, 2015 10:25 AM
YANGZIJIANG Shipbuilding’s net profit for the third quarter ended Sept 30, 2015, fell 16 per cent to 680.67 million yuan (S$150 million) from 811.19 million yuan a year ago.
This was in part attributable to a 42 per cent decrease in other income, and a significant 133 per cent increase in finance expenses.
The latter rose from 95 million yuan in Q3 2014 to 222 million yuan in Q3 2015, and was mainly due to a revaluation loss on US dollar borrowings as a result of yuan depreciation.
Revenue rose 10 per cent year-on-year to 4.14 billion yuan, on the back of a higher number of vessels delivered according to schedule in Q3, as compared to the same period a year ago.
Earnings per share came to 17.76 RMB cents, down from 21.17 RMB cents in Q3 2014.
No dividend was declared.
Technically, this is what we are seeing now:
What we can see is that the stock is currently being resisted by the 50% fibo level, which is around $1.27-$1.275.
It appears that there is a higher chance that it might retrace to $1.22-$1.23 if the counter did not manage to break above the $1.27 region.