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China Shipping Development records big jump in Q3 profit

China Shipping Development records big jump in Q3 profit
China Shipping Development Co (CSDC) has posted a huge jump in profit for the third quarter, and expects a more than 100% increase in 2015 full year profit over 2014.

Profit for the quarter ended 30 September 2015 was registered at RMB391.48m ($61.69m), a surge from the gain of RMB42.68m seen in the previous corresponding period.

CSDC attributed the improvement to the operating profit of RMB374.96m during the quarter as against an operating loss of RMB164.19m in the year-ago period.

The third quarter revenue rose by 9.2% year-on-year to RMB3.44bn.

Shares trading of the Hong Kong and Shanghai-listed CSDC remained suspended since 10 August pending a major announcement relating to potential asset reorganisation, and the relevant matters are “still under intensive planning at this stage.”

China Shipping Group (CSG), parent of CSDC may merge with China Cosco, resulting in the shares trading suspension on the listed units of both the state-owned shipping conglomerates.