CHINA Shipping Container Lines (CSCL) posted a first half net profit of CNY460.3 million (US$74.9 million), reversing a CNY1.3 billion loss sustained last year.

A unit of the state-owned China Shipping Group, the Shanghai- and Hong Kong-listed company would have posted a CNY485.2 million loss if it were not for asset sales.

The company sold stakes in China Shipping Shanghai Yangshan International Container Storage & Transportation and in logistics consulting firm Shanghai Zhengjin Industries.

In normal business, CSCL carried four million TEU in the first half, up 1.4 per cent year on year as revenues increased 8.1 per cent CNY17.5 billion.

“Freight rates were falling amid volatility in international trades, but we managed to achieve better rates in domestic trade due to enhanced services,?said the CSCL statement.

Operating expenses increased 3.3 per cent to CNY17.6 billion owing to lower bunker costs. The firm also took delivery of six 10,000-TEUers .