Profit for the first three months was recorded at RMB11.06m ($1.61m), an astronomical spike of 1,104% compared to the gain of RMB918,400 in the same period of 2016.
Shanghai-listed Cosco Shipping Specialised Carriers attributed the surge in profit to strong returns from equity investments and an improved shipping operating environment, according to the company’s brief unaudited financial statement.
Cosco Shipping Specialised Carriers, subsidiary of China Cosco Shipping Corporation Limited (Cosco Shipping), operates a fleet of more than 150 ships including heavylifts, semi-submersibles, ro-ros and ice-class vessels.
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