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Nanjing Tanker returns to profit in H1

Nanjing Tanker returns to profit in H1
Nanjing Tanker Corporation (NJTC) has returned to profit in the first half of 2015, riding on the market rebound in the oil tanker shipping market particularly in the second quarter.

Net profit in the six months ended 30 June 2015 was recorded at RMB272m ($43.8m), achieved from a first quarter profit of RMB121m and a second quarter gain of RMB151m, according to a statement from NTJC’s parent firm Sinotrans & CSC Group.

Revenue during the first half for NJTC was registered at RMB2.63bn, an increase of 10% over the same period of last year.

Sinotrans & CSC said NJTC has managed to implement strict cost control and raised energy efficiency, leading to signicant savings particularly on bunker bills.

Earlier this year, NJTC announced an aim to return to profit in 2015 and 2016, after it chalked up four years of consecutive losses since 2011, resulting in its delisting from the Shanghai bourse in the middle of last year.

Having embarked on a restructuring, the company hopes to return to the Shanghai Stock Exchange in 2017.

TAGS: Tankers