Peter T. Leach | Jan 06, 2011 3:33PM EST
China Cosco Holdings said it expects to close its books on 2010 with record net profit driven by global economic recovery and a healthier market for shipping.
Cosco offered no details in a statement filed with the Hong Kong Stock Exchange but said it had seen "significant growth in return" during 2010.
Through the first nine months of the year, Cosco posted profit of $850 million on a 52.1 percent increase in revenue to $9 billion.
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Carrier profit news from JOC:
Black Ink for Box Lines.
Last year's results represent a sharp turnaround from the previous year. Cosco lost $1.1 billion in 2009 as the weak economy hammered the company's container, dry bulk and terminal businesses, causing revenue to drop 48.1 percent to $10 billion.
Cosco ranked 14th in imports and exports in the JOC top 40 Container Lines rankings for 2009.
-- Contact Peter T. Leach at pleach@joc.com.
