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From red to black: Cosco posts 6.9bn yuan profit in 2010
By Ding Yining |
March 30, 2011, Wednesday
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Online Edition
Online Edition
CHINA Cosco Holdings Co said it returned to profit last year thanks to a rebound in international trade that boosted demand for container and dry bulk shipping.
The country's largest shipping company said profit in 2010 was 6.9 billion yuan (US$1.05 billion), compared with a net loss of 7.5 billion yuan a year earlier.
Sales climbed 45 percent from 2009 to 80.6 billion yuan, according to its statement to the Shanghai Stock Exchange.
China Cosoc's container throughput rose 18.7 percent year on year to 6.2 million twenty-foot equivalent units.
The company also predicted its container volume may rise 9.4 percent this year to 6.8 million TEUs while its dry bulk traffic may fall 32 percent due to overcapacity.
Globally, it predicts a 14 percent increase in fleet capacity of dry bulk carriers, which outpaces the 6 percent demand increase.
The country's largest shipping company said profit in 2010 was 6.9 billion yuan (US$1.05 billion), compared with a net loss of 7.5 billion yuan a year earlier.
Sales climbed 45 percent from 2009 to 80.6 billion yuan, according to its statement to the Shanghai Stock Exchange.
China Cosoc's container throughput rose 18.7 percent year on year to 6.2 million twenty-foot equivalent units.
The company also predicted its container volume may rise 9.4 percent this year to 6.8 million TEUs while its dry bulk traffic may fall 32 percent due to overcapacity.
Globally, it predicts a 14 percent increase in fleet capacity of dry bulk carriers, which outpaces the 6 percent demand increase.
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