The bulker and tanker owner reported a CNY 183.52m profit($29.50m) for the first leg of the 2014 versus a loss of CNY 71m in the same periodof 2013, it revealed in a statement to the Shanghai Stock Exchange.
The return was higher than the CNY 140m it had predictedweeks ago after booking an impairment charge on 19 older tankers.
Revenue for the period came in at CNY 660.44m, up by just1.5%.
Barely two weeks ago CMES booked a full year net deficit ofCNY 2.18bn ($351.5m) against a profit of CNY 91m in 2012.
The company has a number of newbuildings on order including 10 VLCCs and has been busy scrapping in recent months.
