PROFITS SURGE BY 82% AT HONG KONG ARM OF CHINA SHIPPING
China Shipping Development Co., a company of the China Shipping Group listed on the Hong Kong stock market, improved its net profit by 82 percent in 2002, to RMB$591 million ($71 million), from RMB$325 million in the previous year.
The increase in profit came mainly from lower losses on affiliated companies. China Shipping Development sold its 25-percent stake in money-losing China Shipping Container Lines last year to the group parent company, China Shipping Group.
Losses on affiliated companies narrowed to RMB$100 million ($12 million) in 2002, from RMB$281 million in 2001.
China Shipping Development is now engaged mainly in tanker shipping and bulk shipping activities.
The company’s revenues rose by 5 percent in 2002, to RMB$4.1 billion ($493 million), from RMB$3.9 billion in 2001.
Profit from operations was up 2 percent in 2002, to RMB$920 million ($111 million), from RMB$898 million in the previous year.
China Shipping Development increased its final dividend per share to RMB10 cents (1.2 cent), from RMB5 cents (0.6 cent) in the previous year.
PROFITS SURGE BY 82% AT HONG KONG ARM OF CHINA SHIPPING
