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Nanjing Tanker posts 37% rise in Q3 profit

Nanjing Tanker posts 37% rise in Q3 profit
Nanjing Tanker Corporation (NJTC) has recorded a third quarter net profit of RMB207m ($32.6m), representing an increase of 37% compared to the same period of last year, riding on the rebound in the tanker shipping market.

During the third quarter, NJTC managed to reap savings from bunker consumption and lower operating costs, contributing to the earnings, according to a website announcement by its parent Sinotrans & CSC Group.

NJTC added that it continues to build on the profit generated over the first half of this year, and expects a profitable 2015.

In the first nine months, NJTC registered a profit of RMB479m and a revenue of RMB4.02bn.

The tanker shipowner was delisted from the Shanghai Stock Exchange in the middle of 2014 after it chalked up consecutive losses since 2011.

The completion of a restructuring saw NJTC returned to profitability and it now aims to return to the Shanghai bourse in 2017.

TAGS: Tankers