China COSCO Holdings Co Ltd (1919.HK: Quote, Profile, Research)(601919.SS: Quote, Profile, Research), the listed flagship of the country's premier shipping conglomerate, said on Thursday it expected its 2007 profit to exceed its previous forecast by 50 percent.
The company had estimated in September that its 2007 profit attributable to the parent company under Chinese accounting standards would be 12.00 billion yuan ($1.63 billion) and that its consolidated profit under Hong Kong reporting standards would be not less than 12.17 billion yuan.
The company said on Thursday that global shipping market conditions in the second half of this year were better than forecast conditions at the time it issued its previous earnings forecast.
China COSCO is the world's fifth-largest container company. ($1=7.381 Yuan) (Reporting by Edmund Klamann; Editing by Anne Marie Roantree)
The company had estimated in September that its 2007 profit attributable to the parent company under Chinese accounting standards would be 12.00 billion yuan ($1.63 billion) and that its consolidated profit under Hong Kong reporting standards would be not less than 12.17 billion yuan.
The company said on Thursday that global shipping market conditions in the second half of this year were better than forecast conditions at the time it issued its previous earnings forecast.
China COSCO is the world's fifth-largest container company. ($1=7.381 Yuan) (Reporting by Edmund Klamann; Editing by Anne Marie Roantree)