China’s largest private shipbuilder Yangzijiang Shipbuilding Holdings has laid off 6,000 workers last year and plans to cut another 2,000 jobs this year, amid dwindling profits as new orders have dried up, an internal company document seen by Caixin said. The layoffs will trim 28% of the Singapore-listed shipbuilder’s 28,000-strong workforce as of early 2015, sources close to the company told Caixin. Yangzijiang, which become the country’s largest private shipbuilder after Rongsheng Heavy Industries Group Holdings stopped production in early 2015, reported a 50% decline in net profit year on year to 863 million yuan in the first half. Revenue dropped 35% to 5.7 billion yuan over the same period, the company’s financial report showed.
China Economic Review