Coscol Profit Jumps by 91pct
The heavy lift arm of China’s Cosco Group, China Shipping Co (Coscol) has almost doubled its profit for for the first nine months despite a fall in revenue.
Coscol recorded a profit of RMB366.08m ($57.67m) from January to September, a surge of 90.9% compared to the gain of RMB191.78m in the same period of last year.
However, the nine-month profit was a decrease from the first half profit of RMB391.8m, pointing to a disappointing third quarter earnings.
The brief set of financial results released by Shanghai-listed Coscol did not reveal figures for the third quarter of this year.
The Company continued to increase marketing efforts, improve fleet structure, fuel prices, fleet efficiency, says a statement from the company.
