China Shipping profits surge

China Shipping profits surge    Shanghai-based China Shipping Container Lines net profits for 2004 jumped a massive 188 percent to RMB4.2 billion ($487 million), compared to RMB1.4 billion in 2003.
   Operating profit in 2004 increased 177 percent to RMB5.2 billion ($623 million), from RMB1.9 billion in 2003. Revenues were up 46 percent to a record RMB22.3 billion ($2.7 billion) from RMB15.2 billion in 2003.
   During 2004, China Shipping’s container volumes reached 3.6 million TEUs, a 29 percent increase over the 2.8 million TEUs handled in 2003.
   In March the Group was transformed into a joint-stock limited company trading on the Hong Kong stock exchange. It closed yesterday with its highest ever price of HK$3.800.