COSCO Shipping Development’s third quarter net profit nearly doubled from a year earlier on rising demand for container manufacturing and higher contributions from investment services.
In the first nine months of the financial year, profit rose to CNY3.99 billion from CNY1.67 billion in the same period last year, it said, reported Hellenic Shipping News Worldwide.
The Shanghai-based shipping company posted net profit of CNY1.57 billion (US$245.1 million) in the quarter, up 91 per cent on year, it said. Revenue rose 117 per cent to CNY10.62 billion.
Cosco Shipping Development is a financial services company, previously known as China Shipping Container Lines (CSCL). It exited the container shipping business and was renamed Cosco Shipping Development because of the Cosco-China Shipping merger in 2016.
In 1997, the Chinese government founded China Shipping Group as a SOE. That same year, China Shipping Container Lines was founded in Shanghai as a subsidiary of China Shipping Group.
After China joined the WTO in 2001, CSCL grew rapidly. With continued support from the Chinese government, CSCL’s global TEU market share increased 126 per cent between 2000 and 2006, becoming the second fastest growing container carrier in the world.