Cosco Shipping Limited (Coscol) has reported a positive set of unaudited first half results, showing a stellar improvement over the same period of last year.

Net profit for the first half ended 30 June 2015 was recorded at RMB391.8m ($63.1m), skyrocketting more than 30 times from RMB11.44m posted in the previous corresponding period.

Revenue inched up 1.7% year-on-year to RMB3.63bn, Shanghai-listed Coscol announced on Friday.

The heavy lift arm of China’s Cosco Group said the surge in first half profit was attributed mainly to one-time gain on asset disposals and government subsidies.

Coscol pocketed RMB301m by disposing all of its shares in a Guangzhou-based lubricants firm, which is a subsidiary of Total China. The company also received RMB95.86m in government subsidies on 30 June for scrapping elderly tonnages.

Coscol added that its better earnings are also a result of higher sales, a more streamlined fleet and lower bunker bills.