SHANGHAI, April 8 (Reuters) - China's COSCO Shipping
Holdings said it would report a profit in
the first-quarter, boosted by an improving market and cost
savings from a recent merger.
The world's fourth-largest container shipping line said in a
stock market statement late on Friday that it expects to post a
net profit of 260 million yuan ($37.7 million) for the three
months to end-March.
The result would be up from a loss of 4.48 billion yuan
during the first quarter of 2016, although year-on-year
comparisons are difficult as COSCO became a new company last
year through the merger of two major domestic shipping firms.
COSCO said it shipped 54 percent more cargo during the
quarter than a year ago. The China Containerized Freight Index,
which tracks freight rates from China to overseas ports, had
risen 11.7 percent on a year ago, indicating overall sector
recovery, it said.
The company last month flagged that it was seeing positive
signals in demand after reporting a loss of 9.9 billion yuan for
COSCO has been restructuring since its merger, selling some
units at a loss and focusing on container shipping.
($1 = 6.8978 Chinese yuan renminbi)
(Reporting by Brenda Goh; Editing by Richard Pullin)