AVIC International Maritime Holdings Limited reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenue of RMB 179.491 million against RMB 111.989 million a year ago. The revenue was generated mainly from its ship-design service, sale of vessels, shipbuilding construction service and shipbuilding project management and financing services. The increase was mainly due to: (1) Shipbuilding construction service revenue increasing by RMB 20.6 million to RMB 20.7 million due to a new shipbuilding contract for four vessels that commenced during the year; (2) Ship-design service revenue increasing by RMB 21.3 million to RMB 80.6 million; (3) Shipbuilding project financing income amounting to RMB 10.9 million arising from provision of financing to related party shipyards for the construction of vessels; there was no such income in corresponding period of last year; and (4) Sale of vessels revenue amounting to RMB 42.8 million in fourth quarter of 2017 compared to RMB 0.8 million revenue recognized in fourth quarter of 2016. Loss before income tax was RMB 7.694 million against profit before income tax of RMB 1.377 million a year ago. Loss after tax was RMB 9.229 million against RMB 8.281 million a year ago. Loss attributable to owner of the company was RMB 6.132 million or 2.15 cents per diluted share against RMB 12.768 million or 4.47 cents per diluted share a year ago. Net cash used in operating activities was RMB 823.481 million against RMB 65.340 million a year ago. The increased cash outflow was due to increase in deployment of working capital in shipbuilding project financing business. Additions to property, plant and equipment was RMB 2.706 million against RMB 0.627 million a year ago. Additions to intangible assets was RMB 0.170 million against RMB 0.073 million a year ago. In fourth quarter, the Group's revenue was generated mainly from its ship-design service, sale of vessels, shipbuilding construction service and shipbuilding project management and financing services.

For the year, the company reported revenue of RMB 645.688 million against RMB 426.272 million a year ago. The revenue increased 51% from fiscal year 2016, mainly attributed to increase in revenues from ship-design, shipbuilding project financing and shipbuilding construction service, and partially offset by decrease in shipbuilding project management service income. Profit before income tax was RMB 42.200 million against loss before income tax of RMB 13.154 million a year ago. Profit after tax was RMB 26.515 million against loss after tax of RMB 27.052 million a year ago. Profit attributable to owner of the company was RMB 26.829 million or 9.39 cents per diluted share against loss attributable to owner of the company of RMB 28.575 million or 10.01 cents per diluted share a year ago. Net cash used in operating activities was RMB 1,538.181 million against RMB 169.317 million a year ago. Additions to property, plant and equipment was RMB 3.760 million against RMB 1.350 million a year ago. Additions to intangible assets was RMB 0.394 million against RMB 1.064 million a year ago. The revenue increased 51% tin 2017 compared to 2016, mainly attributed to increase in revenues from ship-design, shipbuilding project financing and shipbuilding construction service, and partially offset by decrease in shipbuilding project management service income.

For the quarter, the company reported property, plant and equipment written off of RMB 67,000 against RMB 6,000 a year ago.