China Shipping Development swings to profit

Net profit for the quarter ended 30 September 2014 came up to RMB42.68m ($7m) as against a loss of RMB246.67m.

The quarterly revenue improved 7.5% year-on-year to RMB3.15bn.

“We are expecting a return to profit in the financial year 2014 from the loss of RMB2.3bn in 2013,” Shanghai-listed CSDC said.

It added that since the start of this year, the global and domestic shipping markets have been gradually recovering and the shipbreaking subsidies received by the company have also contributed to the improved results.