China COSCO first-half profit up more than 90%

China COSCO Holdings Co. Ltd., the listed arm of the COSCO Group and owners of COSCO Container Lines, said Monday its first half 2008 net profit increased by more than 90 percent year on year, based on unaudited preliminary information.

The company's first half 2007 profit was RMB 968.7 million ($128 million), which was down 8 percent over the corresponding period in 2006 due to higher operating costs.

In the first half of 2008, overall the international shipping market was healthy. The company has actively adopted effective measures to increase revenue and reduce expenses, and various operations have good development, China COSCO said in a statement to the Hong Kong Stock Exchange. 

Source: American Shipper