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Cosco 2007 profit soars 152%

(Xinhua)
Updated: 2008-04-23 10:08

China Cosco Holding Co, owner of the world's largest dry-bulk fleet, on Tuesday announced 2007 profits up by 152 percent, helped by higher shipping rates and robust growth of dry-bulk services.

Net income rose to 19.1 billion yuan ($2.7 billion), or 2.05 yuan per share, from the restated 7.6 billion yuan, or 0.90 yuan per share, in 2006, the company said in a statement to the Shanghai Stock Exchange late on Tuesday, citing domestic accounting standards.

Revenue increased 47.3 percent to 93.9 billion yuan last year.

The dry-bulk service was a major driver behind the profit growth, said China Cosco, which also runs Asia's largest container shipping line.

Gross profit of the dry-bulk unit, purchased from its parent, Cosco Group, in December, jumped 171.3 percent to 12.4 billion yuan, said the Tianjin-based shipping giant.

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Its dry-bulk unit transported 264.7 million tons of goods, 15.1 percent more than the previous year.

In 2007, demand for container shipping services across the Pacific reported slower growth due to the weak US economy, but demand from other regions remained strong, the company noted. It added demand between the Far East and Europe and within Asia recorded double-digit growth.

Shipping demand would continue to increase in 2008, as the relatively rapid economic growth in the emerging and developing countries offset slower US growth, Wei Jiafu, China Cosco's chairman, said in the statement.

The dry-bulk service, in particular, would maintain robust growth this year, boosted by the rapid increase in the dry-bulk trade, said Wei.

Iron ore and coal shipments to China and India are expected to record rapid growth this year, the statement stated.

High fuel prices and vessels leasing fees, however, would squeeze corporate profits, the company said. It stated the operating costs rose 31.9 percent to 68.3 billion yuan last year.

China Cosco operated 144 container ships and 419 dry-bulk vessels by the end of 2007. Its total capacity reached 5.7 million standard containers, up 11.7 percent from 2006.

Its shares gained 9.99 percent to 25.44 yuan on Tuesday in Shanghai trading before the earnings announcement.