Singapore's Cosco Corp. Q3 profit jumps 26 pct
Cosco Corp. , a ship repair and dry bulk shipping company controlled by China's biggest shipping firm, on Monday posted a 26 percent rise in quarterly profit and said 2006 would be much better than 2005.The Singapore-listed company, majority-owned by China Ocean Shipping Co., said in a statement that third-quarter net profit rose to S$71.5 million ($45.80 million) from S$56.6 million a year ago. Sales climbed 35 percent to S$317.8 million.Cosco, which earned a profit of S$160.5 million in 2005, said in July that it expected to do better in 2006 as ship repair revenues would continue to grow thanks to increased capacity at its China shipyards.According to the average of nine forecasts from analysts polled by Reuters Estimates, Cosco Corp.'s net profit is expected to rise by 21 percent this year to around S$195 million.The company said earlier this year it may eventually sell its bulk shipping business to focus entirely on repairing ships as well as building offshore oil rigs for Chinese oil firms -- a new business for the firm.Investors have cheered the company's move into rig building and its share price has added three quarters to its value this year.