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China Shipping Development announces profit boom

Shanghai: China Shipping Development has declared a 65.5% increase in its un-audited net profits for the year 2007 in a statement filed with the Hong Kong stock exchange on Friday. The company has seen profits rise to 4.65bn yuan ($639m) for 2007, up from the 2.81bn yuan in 2006. It also announced a 34.9% increase in operating revenue to 12.54bn yuan, while operating profit spiked by 51.2% to 4.74bn yuan.

Although the China Shipping subsidiary did not identify any particular factors as contributing to its sterling results for 2007, its fleet expansion during the period combined with an extremely strong market (particularly for dry bulk) are likely to have been largely responsible for the increase.  [07/01/08]

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