Yangzijiang Shipbuilding (Holdings) Ltd has seen third quarter profits jump by 32% from a year ago to CNY730m ($110m).

The Singapore-listed Chinese shipbuilder was helped by a 19% increase in revenues to just under CNY3.1bn during the period.

Yangzijiang said production at its new yard improved during the quarter such that it was able to increase deliveries by 175% to seven ships.

However, this was partially offset by an increase in operating costs, which were up 14% year-on-year to CNY2.35bn.

During the quarter Yangzijiang reported new orders for 28 ships worth $915m, of which five were confirmed contracts.

To date 18 of these vessels are now firm newbuilding contracts with the remaining ten either yet to be made effective or options.

Yangzijiang delivered 14 ships during the quarter taking its year-to-date total to 36 ships. Its order backlog stands at 128 ships worth $5.3bn.

"We have come a long way to achieve our standing as one of the top five yards and the largest non-state owned publicly listed ship builder in China," said executive chairman Ren Yuanlin.

"We are always aware that increasing capacity and improving productive efficiency holds the key to strengthening our foothold in shipbuilding."

"Hence, we procured the Changbo yard and acquired a new land with wharf next to our new yard. These are set to enhance our production capacity by 40% in the year 2012."

Yangzijiang sees "potential opportunities" in the ship breaking and offshore marine segment and believes that its future growth lays in that direction.

Yuanlin said the shipbuilder was looking into building of larger and more modern designs in a bid to increase its product range.