Reuters – Yangzijiang Shipbuilding Holding Ltd said its fourth-quarter net profit dropped 8 percent on the year, as income from shipbuilding decreased. Privately-controlled Yangzijiang is China's third-largest listed shipbuilder by market capitalisation. It reported a fourth-quarter net profit of 746.3 million yuan ($121.85 million), and a full-year net profit of 3.1 billion yuan, slightly higher than Thomson Reuters SmartEstimate of 3.0 billion yuan. The pre-tax margin for the year stood at 34.5 percent, up from 32.9 percent a year earlier, dwarfing an industry median of 10 percent, according to Thomson Reuters data. The company's shipbuilding business posted a 43 percent gross margin, due to high-margin contracts secured before the global financial crisis.