China Cosco Returns to Profit

7 September 2010 (Last Updated September 7th, 2010 18:30)

China Cosco Holdings Company returned to profit in the first half of 2010, recording a net income of CNY3.45bn ($507m) compared with a loss of CNY4.6bn ($683m) a year ago. The Chinese shipping line's first-half sales increased 56% to CNY45.5bn ($6.68bn) and its dry bulk revenue rose 51% t

China Cosco Holdings Company returned to profit in the first half of 2010, recording a net income of CNY3.45bn ($507m) compared with a loss of CNY4.6bn ($683m) a year ago.

The Chinese shipping line’s first-half sales increased 56% to CNY45.5bn ($6.68bn) and its dry bulk revenue rose 51% to CNY16.8bn ($2.46bn), China Cosco said.

The company’s subsidiary, China Shipping Container Lines, reported a profit of CNY1.17bn ($171m) for the same period following losses in 2009, according to etaiwannews.com.

The company’s container fleet, which it operates through COSCO Container Lines Company, reported a 25% increase in first-half volumes.

China Cosco attributed the growth to a revival of rates for hauling commodities and containers.