China COSCO Holdings Co , the listed flagship of the country's top shipping conglomerate, estimated on Monday that its net profit in the first half of this year rose at least 90 percent. The company cited a strong international freight market as well as cost-cutting efforts.
China COSCO bought major shipping assets from its parent group late last year. It estimated that including those assets, it would have made a net profit of 7.05 billion yuan ($1.0 billion) in the first half of 2007 under Chinese accounting standards.
Listed Chinese companies are required to release preliminary earnings estimates if they expect to report swings of over 50 percent. China COSCO is due to announce first-half earnings in August.
China COSCO bought major shipping assets from its parent group late last year. It estimated that including those assets, it would have made a net profit of 7.05 billion yuan ($1.0 billion) in the first half of 2007 under Chinese accounting standards.
Listed Chinese companies are required to release preliminary earnings estimates if they expect to report swings of over 50 percent. China COSCO is due to announce first-half earnings in August.