Yangzijiang Shipbuilding lays off 6,000 men, plans 2,000 more
CHINA's biggest private shipbuilder, Singapore-listed Yangzijiang Shipbuilding Holdings, laid off 6,000 workers last year and plans to cut another 2,000 jobs this year, as orders dry up, Caixin reports.
The layoffs will trim 28 per cent of 28,000-strong workforce, sources close to the company told the Beijing based private news agency.
Yangzijiang, which became the country's biggest private shipbuilder after Rongsheng Heavy Industries Group Holdings stopped production in early 2015, reported a 50 per cent decline in net profit year on year to CNY863 million (US$129 million) in the first half.
Revenue dropped 35 per cent to CNY5.7 billion over the same period, the company's financial report showed.
The company operates three shipyards in the eastern province of Jiangsu, adjacent to Shanghai with an annual shipbuilding capacity of six million dead weight tons.
From January to July, total Chinese shipyard tonnage came to 19.2 million dead weight tons, down 15.4 per cent compared to the same period last year.
By the end of July, shipbuilders had contracts for 117 million dead weight tons in new ships, down 14 per cent year on year.
CHINA's biggest private shipbuilder, Singapore-listed Yangzijiang Shipbuilding Holdings, laid off 6,000 workers last year and plans to cut another 2,000 jobs this year, as orders dry up, Caixin reports.
The layoffs will trim 28 per cent of 28,000-strong workforce, sources close to the company told the Beijing based private news agency.
Yangzijiang, which became the country's biggest private shipbuilder after Rongsheng Heavy Industries Group Holdings stopped production in early 2015, reported a 50 per cent decline in net profit year on year to CNY863 million (US$129 million) in the first half.
Revenue dropped 35 per cent to CNY5.7 billion over the same period, the company's financial report showed.
The company operates three shipyards in the eastern province of Jiangsu, adjacent to Shanghai with an annual shipbuilding capacity of six million dead weight tons.
From January to July, total Chinese shipyard tonnage came to 19.2 million dead weight tons, down 15.4 per cent compared to the same period last year.
By the end of July, shipbuilders had contracts for 117 million dead weight tons in new ships, down 14 per cent year on year.