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CSCL records significant jump in Q1 profit

CSCL records significant jump in Q1 profit
China Shipping Container Lines (CSCL) recorded a significant increase in first quarter net profit due mainly to strong operating profit and gains from disposal of non-current assets.

Profit for the first quarter went up to RMB249m ($40.07m), a 305.6% jump from a gain of RMB61.39m in the previous corresponding period.

Revenue, however, dipped by 9.4% year-on-year to RMB7.76bn.

CSCL registered a gain of RMB5.8m from the disposal of non-current assets during the quarter, up from the gain of just RMB871,025 a year ago.

Operating profit also returned to the black on RMB225.12m as against an operating loss of RMB46.26m in the same period of last year.

CSCL went back to profit in 2014 with a gain of RMB1.04bn, erasing the loss of RMB2.61bn in 2013.

TAGS: Containers