Friday, March 28, 2008

China Shipping Development Q1 profit may rise over 50%

China Shipping Development Co<600026><1138>, the nation's biggest oil tanker company, said in a statement on Tuesday that its net profit may rise more than 50% for the first quarter of 2008 over the corresponding period of last year.

The growth mainly comes on the back of a higher freight price which has been rising 40% compared with the same period of 2007, the company said, adding that an efficient cost control also contribute to the rise.

As for the first quarter of last year, it reaped a net profit of RMB 1.049 billion or RMB 0.315 per share.

Meanwhile, it also unveiled net profit for 2007 fiscal year stood at RMB 4.6 billion, up 66% from a year earlier.

Spurred by the news, its H-shares jumped 10.1% to finish at HK$21.80 on Tuesday.

The company is principally engaged in oil and coal shipping. Revenue from its oil tanker operation accounts for nearly half of its total earnings.

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