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CIMC quarterly profit off 51pc to US$13.8 million, but sales up 3pc
SHENZHEN's China International Marine Containers (CIMC) has posted a 51 per cent year-on-year net profit decline in the first quarter to CNY86 million (US$13.8 million), drawn on revenues of CNY12.1 billion, up three per cent.
But in core box making, revenues were down 29 per cent to CNY4.3 billion, compared to 6.1 billion the year before the company said.
"The traditional low season with market demand and pricing at the bottom side, while the customers increased their purchasing efforts in low season during the same period last year". CIMC said in its quarterly report.
CIMC sold 203,200 TEU of dry boxes in January-April, down 35 per cent year on year as reefer box sales went up 50 per cent to 40,300 TEU. Specialised container sales were flat at 13,000 TEU.
The decline in container revenue in the first quarter was offset by a rise in sales in its other segments such as road, transport, natural gas, energy and chemicals.
It's offshore engineering business saw a surge in revenue of 300 per cent year on year to CNY1.1 billion.
CIMC also agreed to invest CNY7 billion in a new container production plant in Dongguan, adjacent to Guangzhou, to boost production capacity to 750,00 TEU a year.
But in core box making, revenues were down 29 per cent to CNY4.3 billion, compared to 6.1 billion the year before the company said.
"The traditional low season with market demand and pricing at the bottom side, while the customers increased their purchasing efforts in low season during the same period last year". CIMC said in its quarterly report.
CIMC sold 203,200 TEU of dry boxes in January-April, down 35 per cent year on year as reefer box sales went up 50 per cent to 40,300 TEU. Specialised container sales were flat at 13,000 TEU.
The decline in container revenue in the first quarter was offset by a rise in sales in its other segments such as road, transport, natural gas, energy and chemicals.
It's offshore engineering business saw a surge in revenue of 300 per cent year on year to CNY1.1 billion.
CIMC also agreed to invest CNY7 billion in a new container production plant in Dongguan, adjacent to Guangzhou, to boost production capacity to 750,00 TEU a year.
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