CHINA Cosco Holdings expects a 50 per cent year-on-year net profit increase to US$56 million in 2014, the company said in a filing to the Hong Kong stock exchange.
The Hong Kong-listed unit of state-owned Cosco Group said the increase was "primarily due to the effort of the company in increasing its revenue and reducing its operation costs through various measures under such difficult circumstances, which had improved the overall results of the group".
The profit was achieved despite "no substantial improvement in the imbalance between supply and demand in the international shipping market", said the filing.
The company is spending $618 million on five 14,500-TEU vessels that will be built by CSSC's Jiangnan Changxing Shipbuilding yard as the mainland's largest carrier continues to upgrade its fleet.
WORLD SHIPPING
31 January 2015 - 00:11
China Cosco Holdings to declare 50pc profit hike to US$56 million
CHINA Cosco Holdings expects a 50 per cent year-on-year net profit increase to US$56 million in 2014, the company said in a filing to the Hong Kong stock exchange.
WORLD SHIPPING
31 January 2015 - 00:11
China Cosco Holdings to declare 50pc profit hike to US$56 million
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