China Shipping Posts Q3 Profits
Hong Kong-listed China Shipping Development (CSD) , part of Chinese state giant China Shipping Group, posted a net profit of 391 million yuan, up 800 per cent compared to the same quarter last year.
Driven by strong tanker performance, CSD had a much better third quarter. Revenue grew 9 per cent to 3.44 billion yuan. For January to September, its net profit surged nearly 500 per cent to 745 million yuan.
CSD said it expects its full year net profit would increase by over 100 per cent year on year, boosted by the increase in freight rates in the oil transportation market and the company’s effort in reining in costs.