China Shipping Development Co expects 50% profit surge in H1

China Shipping Development Co (CSDC) says it expects a 50% jump in its first half year profits. In a positive profit alert the Hong Kong-listed shipping company said it expected to record a 50% increase in net profits for the first half of this year compared to the same period in 2009. Last year CSDC reported a net profit of RMB614m for the first half of the year, a 50% increase would set reporting a RMB921m profit for the first six months of 2010. The increase in profits was mainly due to the increase in the transportation demand in the international and domestic shipping markets, and which in turn resulted in the increase in the freight rates for such transportation,” the company said.