2011 Jan.7th--Global economic recovery, healthier market for shipping drive gains.

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.

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.

(Source: JOC)