China Shipping Development books 66% rise in net profit

China Shipping Development Co<600026><1138>, on Tuesday reported net profit rose 66% in 2007 thanks to expanded transport capacity and strong market demand for cargo transport service.

Net profit, based on Chinese accounting standards, stood at RMB 4.6 billion by last year end, compared with RMB 2.77 billion a year earlier. And revenue climbed 34% to RMB 12.69 billion, the company said in a statement.

Based on the International Accounting Standards, the figure was RMB 4.55 billion, the company said without giving the equivalent figure of the previous year.

China Shipping Development Co is a subsidiary under China Shipping (Group) Co, a state-owned shipping conglomerate, with focuses on oil and coal shipping. Revenue generated from its oil tanker business accounts for nearly half of its total earnings.