China Cosco Holding profits up 152% in 2007

China Cosco Holdings Co.<601919><1919>, said its profits in 2007 increased by 152%, driven by higher shipping rates and robust growth of dry-bulk services.

Net income amounted to RMB 19.1 billion, or RMB 2.05 per share, from RMB 7.6 billion, or RMB 0.9 per share in the previous year, according to a statement of the company. The revenue increased 47.3% to RMB 93.9 billion in 2007.

The profits of the company were mainly generated by the dry-bulk services. The total profits of the dry-bulk service increased 171.3% to RMB 12.4 billion, according to the company.

The company operates the largest container shipping line in Asia. In 2007, although the demand for container shipping services from the Pacific area declined resulting from the weak U.S. economy, the demand from other areas stayed strong.

The demand between the Far East and Europe and within Asia posted a double-digit growth, and it is expected to continue to grow in 2008.