Ocean carrier China Shipping reported a nearly 306% year-over-year increase in net profits during first quarter 2015.
China Shipping Container Lines Co. Ltd. increased net profits attributable to equity holders 305.58 percent to 249 million yuan (U.S. $40 million) in the first quarter of 2015 compared with the first quarter of 2014, according to the company’s latest financial statements.
Revenues at the Hong Kong and Shanghai-listed CSCL fell 9.42 percent to 8.57 billion yuan during the quarter.
The company did not provide any comments on the results.
CSCL, China’s second-largest shipping company, is a member of the Ocean3 Alliance with French ocean carrier CMA CGM and Dubai-based United Arab Shipping Company, cooperating on the major east-west trade lanes.
Q1 profits skyrocket at CSCL
