Yangzijiang Shipbuilding has posted its highest quarterly profit in the second quarter due mainly to a one-off gain and tax refund.

Net profit in the quarter ended 30 June 2014 surged 52% to RMB1.24bn ($200.86m) from RMB811.66m in the corresponding period of last year.

The jump in profit was due largely to a one-off realisation of RMB130m interest income from the release of restricted cash deposit which reached maturity in the second quarter.

Revenue during the quarter dropped 3.4% year-on-year to RMB4.27bn. Despite having nine vessels delivered in the second quarter compared to 11 a year ago, the shipbuilding revenue contribution decreased slightly by 3.2% year-on-year primarily due to the construction and delivery of the first batch of 10,000 teu containerships with higher contract prices.

Yangzijiang said it is directing its attention into the shipbuilding and related business to capitalise on the upswing of the shipbuilding industry.

The group has downsized its investment in held-to-maturity assets and disposed of non-core businesses such as real estate.

“The shipping industry continues to be on a steady recovery track and we have observed that shipowners are enhancing their focus on vessels’ operational efficiencies,” said Ren Yuanlin, executive chairman of Yangzijiang.

“This has led to a rise in demand among the shipping industry for vessels that are more complex and larger. Going forward, the group shall redirect focus and resources steadily from its non-shipbuilding businesses towards building on its core strength in shipbuilding to further benefit from the recovering shipping industry,” Ren said.

In the first half of 2014, the privately-owned Chinese yard has secured a total of 32 effective shipbuilding contracts amounting to $1.4bn, including four 260,000 dwt bulkers, three 208,000 dwt bulkers and four 10,000 teu containerships.

As at 30 June 2014, the group’s outstanding orderbook amounting to $5bn for 122 ships is expected to utilised the yard capacity until the end of 2016.