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CSDC turns around to $50m profit

CSDC turns around to $50m profit
China Shipping Group's tanker and dry bulk arm China Shipping Development Company (CSDC) turned around from a RMB2.23bn ($358.4m) loss in 2013 to a RMB309.4m ($49.7m)profit last year as revenue rose 8.2% to RMB12.27bn.

Although cargo volume fell 1.9% to 182m tonnes, changes in trading patterns and CSDC adapting to new business opportunities helped increase ton-miles by 10.9% to 430.1bn. Meanwhile stringent measures also helped cut operating cost 5.5% to RMB10.89bn In the oil tanker segment CSDC saw almost flat results, with tonne-miles rising 2.4% to 190.5bn generating 2.1% higher revenue of about RMB550m.

The group's dry bulk segment fared better, with ton-miles rising 18.7% to 239.58bn, leading to a 13.8% rise in revenue of RMB6.77bn.