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COSCO Shipping reports 31% profit rise in 1st quarter

(Shanghai Daily)
Updated: 2007-04-25 13:42

COSCO Shipping Co, a unit of China's biggest shipper, said first-quarter profit rose 31 percent as it charged more to carry coal, steel and other dry-bulk cargoes.

Net income climbed to 151.4 million yuan (US$20 million), or 0.23 yuan a share, from 115.9 million yuan, or 0.18 yuan, a year earlier, the Guangzhou-based company said in a Shanghai Stock Exchange statement yesterday, citing domestic accounting standards. Sales rose 38 percent to 1.3 billion yuan, Bloomberg News reported.

COSCO Shipping and other lines were able to almost double dry-bulk rates in the first quarter from a year earlier as China's 11.1 percent economic growth rate fueled demand for steel and iron ore.