COSCO Shipping Development forecasts that its net profit for 2017 will triple to CNY1.3 billion (US$205.2 million), up from CNY368.6 million in 2016 when it completed a major restructuring exercise that involved the disposal of the then loss-making container shipping business.
Deducting exceptional items, the results are even more impressive, with profit of CNY1.25 billion expected compared to the net loss of CNY1.64 billion previously, reported Colchester's Seatrade Maritime News.
The group also highlighted that improvements in the global economy and the international shipping markets since the fourth quarter of 2016 has had a positive impact on the profitability of its container leasing and container manufacturing divisions. The group has holds a stake in China International Marine Containers and a container fleet of 3.65 million TEU.
Cosco Shipping Development has been transformed from the container line arm of the China Shipping Group and - following its merger with Cosco - has emerged as the group's integrated financial services platform.