Companies

COSCO says it may swing back to profit in H1

(Xinhua)
Updated: 2010-07-17 15:21

BEIJING - China COSCO Holdings Co, China's largest shipping line, said Saturday it may swing back to profit in the first half as its shipping business recovered.

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The company's shipping business rebounded strongly in the first half as the global shipping market recovered, the company said in a statement filed with the Shanghai Stock Exchange.

The company's exact first-half profit, revenues and other financial data will not be available until August 26 when its first-half report is due.

The listed arm of China Ocean Shipping (Group) Co, the company posted a 4.62 billion yuan ($689 million) loss in the first half of 2009 as the financial crisis took its toll.

The company is the world's second biggest shipping company by capacity.

Its A-share price rose 1.48 percent to 8.92 yuan Friday.