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China COSCO raises 2007 net profit estimate by 50 percent

China COSCO raises 2007 net profit estimate by 50 percent

Hong Kong: Hong Kong-listed China COSCO Holdings has raised its net profit estimate for 2007 by 50 percent to 18.2 billion yuan on better-than-forecast revenue from its international shipping operations. In September the company said it was expecting net profit of 12.2 billion yuan under Hong Kong accounting standards. In a statement late yesterday to the Hong Kong stock exchange, China COSCO said it now sees its net profit exceeding its September estimate by 50 percent. "The conditions in the international shipping market in the second half of 2007 were better than the forecast conditions at the time of the issuance of the above earnings forecast," it said. According to its website, China COSCO made a net profit of 2.03 billion yuan in 2006. [20/12/07]

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