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Singamas Container issues 'significant' profit warning for full-year 2013
HONG KONG listed Singamas Container Holdings, the world's second container maker, has issued a profit warning of "a significant decline" this year in a filing to the Hong Kong stock exchange.
"The significant decline in profit is primarily attributable to the decline in the group's turnover due to the soft container demand and the decrease in average selling price. This market downturn is expected to continue until the second quarter of 2014," said the filing.
The company, controlled by Singapore-based Pacific International Lines (PIL), projected that container demand would recover in the second half when releasing its 2012 annual results.
Singamas operates 11 factories in mainland China, producing dry freight containers, collapsible flatrack containers, open top containers, refrigerated containers, bitutainer containers, tank containers, 53' containers, other specialised units and parts. Singamas Group also runs 11 container depots (two in Hong Kong, eight in mainland China, and one in Thailand as well as a logistics company in Xiamen.
Singamas posted a 56 per cent year-on-year net profit plunge in 2012 to US$60 million from 2011, reporting a 15 per cent decline in revenues to $1.5 billion at the same time.
"The group is well poised to capture opportunity when the market picks up," said the Singamas statement.
"The significant decline in profit is primarily attributable to the decline in the group's turnover due to the soft container demand and the decrease in average selling price. This market downturn is expected to continue until the second quarter of 2014," said the filing.
The company, controlled by Singapore-based Pacific International Lines (PIL), projected that container demand would recover in the second half when releasing its 2012 annual results.
Singamas operates 11 factories in mainland China, producing dry freight containers, collapsible flatrack containers, open top containers, refrigerated containers, bitutainer containers, tank containers, 53' containers, other specialised units and parts. Singamas Group also runs 11 container depots (two in Hong Kong, eight in mainland China, and one in Thailand as well as a logistics company in Xiamen.
Singamas posted a 56 per cent year-on-year net profit plunge in 2012 to US$60 million from 2011, reporting a 15 per cent decline in revenues to $1.5 billion at the same time.
"The group is well poised to capture opportunity when the market picks up," said the Singamas statement.
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