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China Shipping Development sees profit up
(China Business Weekly)
Updated: 2004-04-28 14:17

China Shipping Development Co Ltd said its first-quarter net profit more than doubled, as China's rising demand for crude oil fuelled oil transhipping.

Net profit for the first three months of 2004 was 411.70 million yuan (US$49.70 million), up 134 per cent from 176.30 million yuan (US$21.24) in the same period last year, the company said in a statement.

Shares of the Shanghai-based oil shipping firm rose 5.41 per cent to HK$4.875 (63 US cents) in early trade last Friday, outperforming the H-share index, which jumped 3.22 per cent after a recent sell-off triggered by moves to tighten China's monetary policy.

The stock has eased about 25 per cent in the past three months, but was up 126 per cent in the 52 weeks through last Thursday.

China Shipping said in a separate statement that it planned to expand its oil transportation fleet by building two 42,000 ton carriers for a total of US$57 million.

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