Cosco Shipping Expects 286% Higher Attributable Profit in Q3

MT Newswires Live10-07

Cosco Shipping (HKG:1919, SHA:601919) expects a net profit attributable to shareholders of 21.3 billion yuan for the three months ended Sept. 30, 285.66% higher than 5.51 billion yuan logged for the corresponding period last year, a Monday filing with the Hong Kong Exchange said.

The company also expects a net profit attributable to shareholders of 38.1 billion yuan for the nine months ended Sept. 30, 72.72% higher than 22.1 billion yuan logged for the corresponding period last year, a Monday filing with the Hong Kong Exchange said.

The company attributed the increase in its attributable profit for the three months ended Sept. 30 to the peak season of the main shipping routes in Europe and America resulting in an increase in the volume and pricing of the company's container shipping business.

The company's shares were up nearly 5% on Monday's close.

Price (HKD): $12.74, Change: $+0.56, Percent Change: +4.60%

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