Chinese ports investor COSCO Pacific Ltd. said Monday its 2007 net profit rose 47 percent from a year earlier, lifted by the sale of its stake in a Hong Kong lender and strong demand for container ports.
Net profit for the year ended Dec. 31 rose to US$427.8 million (euro273 million) from US$291.1 million a year earlier. Revenue rose 0.5 percent to US$298.9 million (euro152.5 million) from US$297.5 million.
The company derives most of its profit from ports in which it has a stake of less than 50 percent. The profit contributions from these investments are included in its financial statement, but not the revenue.
COSCO Pacific, a unit of state-owned shipping operator COSCO Holdings Ltd., recommended a final dividend of 3.92 U.S. cents (2.5 euro cents), down from 4.15 U.S. cents in 2006. It also recommended a special final dividend of 2.20 U.S. cents (1.4 euro cents).
COSCO Pacific has stakes in container terminals in mainland China, Hong Kong, Singapore and Belgium.
In August, the company sold its 20 percent holding in Chong Hing Bank Ltd. for HK$2.09 billion (US$268 million; euro170 million), booking a gain of US$90.7 million (euro57.69) million from the sale.
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