AVIC International Maritime Holdings Limited reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported revenue of RMB 208,165,000 against RMB 149,502,000 a year ago. Profit before income tax was RMB 2,986,000 against loss before income tax of RMB 6,880,000 a year ago. Profit attributable to equity holders of the company was RMB 1,342,000 or 0.47 cents per basic and diluted share against loss attributable to equity holders of the company of RMB 5,733,000 or 2.01 cents per basic and diluted share a year ago. Net cash used in operating activities was RMB 356,657,000 against RMB 137,690,000 a year ago. The increased cash outflow was due mainly to increase in receivables arising from increased shipbuilding project financing services provided to related party shipyards. Additions to property, plant and equipment was RMB 362,000 against RMB 271,000 a year ago. Additions to intangible assets were RMB 27,000 against RMB 9,000 a year ago. The increase in revenue was mainly due to: Shipbuilding construction service revenue increasing by RMB 41.5 million to RMB 42.3 million contributed by a new shipbuilding contract for four vessels that commenced during the current year; Ship-design service revenue increasing by RMB 15.5 million to RMB 63.3 million; and Shipbuilding project financing income increasing by RMB 11.6 million to RMB 13.5 million arising from provision of financing to related party shipyards for the construction of vessels. Partially offsetting the increase was the RMB 6.7 million reduction in Shipbuilding Project management service income.

For the nine months, the company reported revenue of RMB 466,197,000 against RMB 314,284,000 a year ago. Profit before income tax was RMB 49,894,000 against loss before income tax of RMB 14,532,000 a year ago. Profit attributable to equity holders of the company was RMB 32,961,000 or 11.54 cents per basic and diluted share against loss attributable to equity holders of the company of RMB 15,807,000 or 5.54 cents per basic and diluted share a year ago. Net cash used in operating activities was RMB 713,497,000 against RMB 103,980,000 a year ago. Additions to property, plant and equipment was RMB 2,257,000 against RMB 722,000 a year ago. Additions to intangible assets were RMB 224,000 against RMB 991,000 a year ago.

For the quarter, the company reported property, plant and equipment written-off of RMB 171,000 against RMB 3,000 a year ago.