China Cosco Holdings has posted a profit in the third quarter, reversing from the loss it recorded a year ago.

Net profit in the third quarter was recorded at RMB1.62bn ($264.73m), as against a loss of RMB1.04bn in the previous corresponding period.

The Hong Kong-listed state-owned shipowner registered a third quarter revenue of RMB17.49bn, an increase from RMB15.88bn a year ago.

In the first nine months of this year, however, China Cosco remained in the red with a loss of RMB654.31m, narrowing from the deficit of RMB2.03bn in the same period of 2013.

As at 30 September 2014, China Cosco operated 185 container vessels with a total capacity of 906,028 teu and 258 dry bulk vessels with a combined tonnage of 23.8m dwt.

The group has 10 outstanding containership orders and 40 dry bulk new vessel orders.