China COSCO’s net profits up 42.3%

China COSCO’s net profits up 42.3%

   China COSCO Holdings Ltd., parent company of COSCO Container Lines, today reported net profits of RMB2.77 billion ($342.7 million) for the six months ended June 30, an increase of 42.3 percent over the RMB1.9 billion posted in the same period in 2004.

   China COSCO’s revenue increased 27.9 percent to RMB18.6 billion ($2.3 billion) in the first half compared with the same period last year.

   These were the first financial results published since China COSCO started its listing on the Hong Kong stock exchange in June.

   China COSCO Holdings’ shares closed today at HK$3.825 (49 cents), below the initial public offering price of HK$4.25 (55 cents).

   The state-owned COSCO group retains a controlling shareholding of 63.5 percent in China COSCO Holdings.