Shipbuilding and repair firm Cosco Corp (Singapore), controlled by China's biggest shipping firm, said on Thursday its full-year 2007 profit rose 64 percent due to robust business at its shipyards.
Singapore-listed Cosco, majority-owned by China Ocean Shipping (Group) Co, said its 2007 net profit rose to S$336.6 million ($239 million), from S$205.4 million a year ago.
The 2007 attributable profit was higher than a forecast average of S$308.5 million made by 10 analysts polled by Reuters Estimates.
Including minority interest the company earned S$478.6 million, up 71 percent from 2006.
Cosco shares were down 2.9 percent in the Oct-Dec quarter but ended 2007 at three times the value at the end of the previous year, as investors welcomed the company's growing order book for offshore oil rigs and vessels at its China shipyards.