Cosco Shipping International Shares Rise on Earnings Guidance
Cosco Shipping International shares rose sharply in early trading Thursday after the China-based shipping company guided for solid first-half earnings.
From the Equity Insider archive. This article dates from Jul 13, 2023 and is preserved as first published.
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.
