The state-run company posted profit of CNY 249m ($40m) for the first quarter versus CNY 61.4m a year ago.

It boosted its net result although revenue fell to CNY 7.76bn from CNY 8.57bn.

CSCL returned to black in 2014 following a big loss of CNY 2.8bn in 2013.

It was the first company to dismiss rumours that Beijing was pulling together the four major state-owned shipping companies.

The