Singapore shipbuilding yard Cosco said Monday it’s net profit for the second three months of 2009 has taken a 71 percent hit year-on-year but survived at $37 million on fewer ships to build and repair and less marine engineering work — 30 percent less.

Group turnover was down by a third to $718.5 million in the quarte, and company president Jiang Li Lun said he expected the group to “endure further challenges” as the uncertainty of 2009 eked onward.

“Our Group believes that confidence will not be restored until clearer and more concrete evidence of real recovery from the current economic doldrums surfaces,” said Lun, although his analysis included non-offshore business.

Cosco expects growth, however, eventually. Lun said the yard will keep expanding shipyard capability to help with its $6.8 billion backlog.

The order book, cautioned Lun, was “subject to revision” from cancellations and new orders.

ws@scandoil.com

Tags: COSCO Shipyard