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China Shipping Development records higher profit in Q1

China Shipping Development records higher profit in Q1
China Shipping Development Company (CSDC) has recorded higher net profit in the first quarter ended 31 March 2015 compared to year-ago figures.

The state-owned tanker and bulker shipowner boosted its quarterly profit to RMB65.95m ($10.62m), up 27% compared to RMB51.93m in the previous corresponding period.

Revenue in the first three months, however, dipped by 8.5% year-on-year to RMB2.92bn.

The profitable quarter followed the company’s return to profit in 2014 with a gain of RMB309.4m as against a loss of RMB2.23bn in 2013.