China Shipping Development's profit up 65.45% to RMB 4.65 bln

China Shipping Development Co. Ltd<600026> <1138>, a listed unit under China Shipping (Group) Company, has posted a net profit of RMB 4.65 billion in 2007, up 65.45% over the previous year.

As a leading oil and coal carrier, it has generated sales revenue of RMB 12.54 billion, up 34.87%, attributing to the booming demand for coal worldwide. The earnings per share reached RMB1.4.

The company was set up in Shanghai on May 3, 1994, with a registered capital of RMB 3.33 billion. Its net profit for 2006 stood RMB 2.81 billion, RMB 52.42 million higher than the figure in the previous yearly report, due to the new accounting system.

The company's shares on the Shanghai Stock Exchange closed at RMB 38.3 on Friday, up 23.75% within the past month, while shares on the Hong Kong Stock Exchange lost 2.37% during the last month to finish at HK$21.2.