Hong Kong: China Shipping Development is confident that it will post approximately 60% rise in net profit for 2010 on greater transportation demand in the international and domestic shipping markets. The Hong Kong-listed firm said in a statement to the exchange that freight rates rose due to the increase in transportation.
"The shipping capacity made available by the group to the shipping market during the financial year ended 31 December 2010 recorded an increase of approximately 20% as compared to the financial year ended 31 December 2009," it said. In 2009, China Shipping Development recorded about RMB1.06bn($161m) in net profit. [26/01/11]
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