Nanjing Shenghang Shipping, a small-sized chemical and product tanker owner and operator, said its profit rose 24% year on year (y/y) to CNY13.5 million (USD2.2 million) in the first six months of 2015 on revenue growth.
Its revenue also rose 14% y/y to CNY105.7 million during the same period, a regulatory filing of Nanjing Shenghang said. Its gross profit margin increased to 30% in the first six months from 29% of a year ago.
As of 30 June 2015, the company owned seven chemical/product tankers, with another two chartered in. Its business mainly covered the trades along the Yangtze River and China’s coastal areas.
In February, the company completed the conversion of a product tanker, Nan Lian 8, to a chemical tanker, it added.
In the first six months, its finance cost fell 18% y/y to CNY5.8 million as a result of the reduction in interest payment following the interest rate cuts in China since late 2014.