PROFITS SURGE BY 82% AT HONG KONG ARM OF CHINA SHIPPING
China Shipping Development Co., a company of the China Shipping Group listed on the Hong Kong stock market, improved its net profit by 82 percent in 2002, to RMB$591 million ($71 million), from RMB$325 million in the previous year.
The increase in profit came mainly from lower losses on affiliated companies. China Shipping Development sold its 25-percent stake in money-losing China Shipping Container Lines last year to the group parent company, China Shipping Group.
Losses on affiliated companies narrowed to RMB$100 million ($12 million) in 2002, from RMB$281 million in 2001.
China Shipping Development is now engaged mainly in tanker shipping and bulk shipping activities.
The company’s revenues rose by 5 percent in 2002, to RMB$4.1 billion ($493 million), from RMB$3.9 billion in 2001.
Profit from operations was up 2 percent in 2002, to RMB$920 million ($111 million), from RMB$898 million in the previous year.
China Shipping Development increased its final dividend per share to RMB10 cents (1.2 cent), from RMB5 cents (0.6 cent) in the previous year.