Companies

China COSCO sees significant growth in 2010 results

(Agencies)
Updated: 2011-01-06 09:37

HONG KONG - China COSCO Holdings Co Ltd, the country's top shipping conglomerate, expects to have a significant growth in 2010 results, thanks to the sustained recovery of world economy.

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The company is expected to record a net profit for 2010 against a net loss for 2009 as the shipping market regained strength, it said in a filing to the Hong Kong stock exchange on Wednesday.

It reported a net profit of 5.64 billion yuan ($851.4 million) in the first nine months of 2010 compared to a loss of 5.36 billion yuan the previous year.

China COSCO said it was still in the process of finalizing the audited annual results and the forecast was based on a preliminary assessment by the management.

Shares in China COSCO have risen 6.7 percent so far this week, beating a 3 percent gain on the broader market on optimism that shipping companies will benefit from a recovery in the global economy.