China Shipping Development sees quarterly profits leap 64%

China Shipping Development said third quarter operating revenue and net profit rose 22.49 percent and 63.79 percent year-on-year to 2.89 billion yuan and 478 million yuan, with earnings per share of 0.1405 yuan, reports Yicai, citing a company announcement.

The company attributed the third quarter earnings growth to a recovery in the shipping market, a decline in operating costs and an increase in investment income. Third quarter investment income increased 127 percent year-on-year to 63.05 million yuan.

For the first three quarters, operating income rose 29.03 percent year-on-year to 8.48 billion yuan. Cargo and mail turnover volume in the first nine months rose 23.85 percent year-on-year to 198.78 billion ton-miles while investment income rose 502.66 percent year-on-year to 173 million yuan.

Source: Seatrade Asia