COSCO back to black, saved from delisting

China Ocean Shipping (Group) Co, the country's largest maritime transportation company, swung back to the black in 2013, helped by asset sales and the new development of its e-commerce platform for the shipping business.

Cosco's revenue amounted to 62 billion yuan ($9.97 billion) in 2013, down 14 percent on a year-on-year basis, according to its statement late Thursday night. However, its net profit totaled 235 million yuan. The company suffered a net loss of 9.56 billion yuan in 2012.

To return to profit, the Chinese shipping conglomerate sold off its logistics business, stakes in a container manufacturer and office properties last year. It also began to invest more to improve online service platforms for both its international shipping and domestic logistics businesses.

The rising net profit saved Cosco from being delisted from the Shanghai Stock Exchange this year after it posted losses for two consecutive years.

Cosco submitted an application to withdraw the delisting risk warning of its stocks for special treatment from the SSE on Friday. The SSE will respond to the company within five trading days after it receives the application.

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