COSCO Shipping sees positive growth in Q1, 2021

The company says its net profit will amount to over RMB15b.

COSCO Shipping Holdings has sustained its growth over the first quarter of the year, and it expects its net profit attributable to shareholders to hit $18.38b (RMB15.45b) for that quarter,

This is up from $347m (RMB292m) over the same period last year, according to its preliminary results announcement.

After deducting non-recurring profit and loss, the net profit attributable to shareholders amounts to $18.32b (RMB15.40b), increasing from $90.4m (RMB76m) from the same quarter in 2020.

“During the Reporting Period, the container shipping market continued growing,” the company said, noting the average value of the China Containerized Freight Index was 1,960.99 points.

This reflected a 113.33% year-on-year increase and 53.8% up from the previous quarter. The company noted the details may still change as the first quarterly report is finalised.

In 2020, the shipping company posted a net profit attributable to shareholders of $11.8b (RMB9.92b), higher than $7.95b (RMB6.69b) in 2019.