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SINGAPORE : COSCO Corporation has posted a 37 percent rise in third quarter profit to S$98 million.
For the nine months to September, its earnings were also 37 percent better at S$220 million.
The shipbuilding and repair company has won contracts worth a total of S$4.7 billion this year.
To meet the growing order book, COSCO will expand its Zhoushan Shipyard by adding one million square metres of land.
The expansion will create three new berths and three dry docks with a total of one million dwt docking capacity.
Construction of the new facilities will commence early next year and will be completed in 2010. - CNA /ls
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