Hong Kong: China COSCO Holdings, flagship of the country's premier shipping conglomerate, returned to profit in the first quarter of 2010.
China COSCO said its revenue from container shipping rose 75 percent to 7.5 billion yuan ($1.10 billion) in the first quarter and income per twenty foot equivalent unit (TEU) rose 31 percent.
China COSCO reported a net profit of 882.17 million yuan ($130 million) for the three months ended March 2010, the first profit after five quarters of losses, against a loss of 3.35 billion yuan the same period last year.
"In first quarter 2010, the operating environment of the shipping sector has been improved benefiting from the continued recovery of the global economy," the company said in a statement on Thursday. [30/04/10]
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