Cosco Corp Q3 profits rise sharply

Singapore: Cosco Corporation, the Singapore-listed shipyard and dry bulk shipping arm of China's leading shipping company, reported a  third-quarter net profit of S$55.1m, up 146% over the corresponding 2009 period. The increase was attributed to higher revenue from shipbuilding and better dry bulk charter rates.

Turnover was up 27% to S$952.7m. The company's orderbook currently stands at US$6.1 billion, with deliveries scheduled through to first quarter of 2013. Vice chairman and president Mr Jiang Li Jun said the group remained cautious about the full-year outlook but barring any unforeseen circumstances, the Group expected earnings in 2010 to be better than 2009.  Net profit for the first nine months was S$155.2m, 68% ahead of the corresponding 2009 period, on turnover up 26% to S$2.75bn.
(Source:www.seatradeasia-online.com)