BIZCHINA / News
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.
(For more biz stories, please visit Industry Updates)
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