BRIEF: Cosco Shipping’s first-quarter profit rises 7%

Cosco Shipping Development Co. Ltd. (2866.HK) on Wednesday reported a profit of 480 million yuan ($65 million) for the first quarter, up 7.4% from the same period last year. Excluding non-recurring gains and losses, its profit for the period more than doubled to 466 million yuan.

The company said it will focus this year on integrating scientific and technological resources, developing high value-added products, and promoting the development of smart and low-carbon containers. Cosco Shipping’s shares opened up 2.4% at HK$0.86 on Thursday. The stock is down 30% from its 52-week high.

By Lau Chi Hang

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