CSDC flags much improved Q1 profits

CSDC said in a stock market announcement that the good performance was mainly attributable to continued high freight rates in the international oil transportation market during the quarter which resulted in the increase in revenue achieved by the group from international oil transportation. Also a factor were the decrease in bunker oil price compared to the same period of last year, resulting in lower bunker oil costs and lower financing costs due to the redemption of all outstanding convertible bonds as well as the several rounds of interest rate cuts in China.

CSDC warned, however, that: "The information in this announcement is only a preliminary assessment by the board based on the unaudited consolidated management accounts of the group for the three months ended 31 March 2016 currently available to the company and which have not been reviewed or confirmed by the company’s audit committee, and have not been reviewed or audited by the company’s auditors."