China Shipping Development’s half-year profit up 76%
China Shipping Development Co., a tanker and bulk shipping affiliate of the China Shipping group, increased its net profit by 76 percent in the first half of the year, to RMB460 million ($56 million), from RMB262 million in the same period of 2002.
Revenue rose to RMB2.4 billion ($284 million), an increase of 16 percent over the RMB2 billion in revenue for the first half of 2002.
Over the same period, gross profit increased by 17 percent, to RMB675 million ($82 million), and operating profit went up by 19 percent, to RMB580 million ($70 million).
Stock market-listed China Shipping Development said in a statement that it “took advantage of the favorable opportunity of the steady improvement in (the) PRC domestic economy” and made efforts to control operating costs.
Oil transportation accounted for RMB1.6 billion ($195 million) and coal shipping for RMB593 million ($72 million) of the company’s revenue of RMB2.4 billion ($284 million). Broken down by region, domestic activities in mainland China produced a revenue of RMB1.6 billion ($191 million) in the first half, an increase of 3 percent, whereas international activities generated a revenue of RMB912 million ($110 million), up 50 percent.
China Shipping Development no longer owns a stake in China Shipping Container Lines, which is now controlled by another part of the China Shipping group.