China Shipping Development's net profit up 45% in Q1

China Shipping Development, the largest carrier of crude oil in mainland China, said yesterday in a statement filed with the Hong Kong Stock Exchange that its first-quarter net profit jumped 44.77% year on year to RMB 458.4 million.

Basic earnings per share were 13.46 RMB cents, the company said in a statement.
Operating revenue from shipping was about RMB 2.71 billion in the period, up 27.85% year on year. Operating costs were about RMB 2.13 billion, up 28.51% year on year. Fuel costs accounted for RMB 903 million.

Total assets at the end of the period were RMB 34.81 billion, or RMB 6.41 per share, up 2.07% year on year.

China Shipping Development, the dry bulk and tanker arm of China Shipping (Group) Co, saw its net profit in 2009 decline 80% year on year from RMB 5.37 to RMB 1.06 billion, China Knowledge reported earlier.

Weak demand for dry-bulk related services amid the global financial crisis was the main reason for the decline, the company said earlier.

Revenue dipped 49.3% from a year earlier to RMB 8.73 billion in 2009.

Source: http://www.hktdc.com