China Cosco Holdings, a Hong Kong-listed unit of China Ocean Shipping (Group) Company, has increased its profit estimate for 2007 by 50 percent.
The company told investors that its new profit forecast was US$1.6 billion because of the better-than-expected revenue from its international shipping business.
Cosco posted a net profit of $270 million in 2006, according to its website.
It has been a rollercoaster run lately for the unit of China¡¯s largest shipping company. Earlier this month, China Cosco¡¯s shares plunged almost 9 percent after Hong Kong tycoon and his two companies, Hutchison Whampoa and Cheung Kong Holdings, sold shares worth $282 million.
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