China COSCO more than doubles first half profit

China COSCO more than doubles first half profit China COSCO Holdings Co. Ltd., the listed flagship of the China Ocean Shipping (Group), more than doubled its net profit in the first half of 2008, beating its own forecast of 90 percent growth given in July.
   The company’s six months profit rose 109.2 percent to RMB 15.12 billion ($2.2 billion) while operating revenue gained 47.6 percent to RMB 70.48 billion ($10.3 billion).
   JP Morgan Analyst Johnson Leung said COSCO outperformed the dry bulk shipping sector in achieving 80 percent year on year improvement in freight rates, while COSCO Container Lines managed to improve its margins at a time when other box shipping firms have “generally been facing margin squeeze.”
   “COSCO's strategy to increase its exposure to China's domestic market and intra-Asia trade paid off,' Leung said.
   In a brief statement, China COSCO said it “will rely on the enormous size and rapid development of the China market while competing globally,” adding it will continue to explore synergies between its existing businesses whilst also looking to expand into other shipping sectors.