Cosco Shipping International shares rose sharply in early trading Thursday after the China-based shipping company guided for solid first-half earnings.
Shares were up 11% at 2.84 Hong Kong dollars, lifting their year-to-date gains to 13%.
The company said late Wednesday that it expects its first-half net profit to at least double on year, mainly due to higher interest income and improved profits from Jotun Cosco Marine Coatings, its joint venture with Jotun A/S.
Cosco Shipping posted net profit of HK$165.6 million (US$21.2 million) for the first half of 2022.