CHINA shipping giant Cosco Holdings says net profit in the third quarter of 2007 came to CNY664.09 million (US$88.8 million) amounting to CNY1.52 billion in net earnings for the first nine months of the year.
The company, which is the parent of Cosco Container Lines, reported that revenue from its container shipping business surged 21.8 per cent to CNY11.22 billion in Q3 compared to CNY9.21 billion in the same period last year.
In the first nine months, Cosco Holdings' revenue amounted to CNY29.01 billion, 19.2 per cent higher than the CNY24.33 billion achieved in the same period last year.
Container volume in the third quarter increased 7.2 per cent from 1.38 million TEU last year to 1.48 million TEU. Since the beginning of the year the container shipping company handled a total of 4.25 million TEU, up 11.5 per cent over the same period last year.
Box volume on the transpacific lane registered the highest growth in the company's international trade with a third-quarter total of 398,675 TEU, 17.8 per cent higher than last year's 338,433 TEU. However, container volume on the intra-Asia trade, including Australia, declined 10.2 per cent to 367,105 TEU.
While box volume on the Asia-Europe trade, including Mediterranean, showed a modest growth of 6.5 per cent to 358,039 TEU, revenue from the market however surged 44.1 per cent to CNY4.14 billion making it the largest earner in the company's container shipping business.
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Source: schedent
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