Net Profit of COSCO Shipping (SH.600428) Increased 84.29% in 2007

On March 21, COSCO Shipping Co., Ltd (SH. 600428) released its 2007 annual report to the public. In spite of the unfavorable factors such as high oil price and exchange rate fluctuation, The company achieved a net profit of RMB 1074 million by adopting Lean Management. Earnings per share rose to 1.64 Yuan, a year-on-year rise of 84.29%; net asset-income ratio based on weighted average less non-recurring gains and losses 33.73%, a year-on-year rise of 10.37%. Hence it laid down a distribution proposal of 7 Yuan for every 10 shares (pre-tax).

In 2007, the company made great progress in managing fixed lines, developing specialized transport and chartering in vessels, thus obtaining the best ever performance on record. The operating revenue amounted to RMB 5,325,194,827.63, an increase of 38.2% over the same period of the previous year; the operating profit RMB 1,356,783,408.12, an increase of 73.09% over the same period of the previous year. In particular, the three semi-submersible vessels highlighted the fleet by attaining an operating revenue of RMB 344,883,391.90, accounting for 6.58% of the operating revenue of the fleet; an operating profit of RMB 182,363,510.18, accounting for 11.36% of the operating profit.