China Marine Containers Group : CIMC expects interim profit up 50-100%

China International Marine Containers (CIMC) (02039) said it expects to record an increase of about 50% to 100% in profit for the six months ended 30 June 2014 as compared to that of the corresponding period in 2013.

The first-half net profit is expected to range between Rmb828 million and Rmb1,104 million.

In the first half of 2014, the Group made the delivery of the undergoing construction works projects in its offshore engineering business, and realized a positive profit compared to the loss of previous year; other businesses like the energy, the chemical and liquid food equipment has been kept increasing; the results of the Group declined in the same period of last year due to the slow global economic recovery; and meanwhile, due to the effects of reversal of withholding tax after several foreign subsidiaries of the Group deemed as Chinese resident enterprises in the first half of 2014, the Group recorded an increase of results in the reporting period as compared to that of the corresponding period in last year.

Its interim results announcement is expected to be published in August.
Source: Syndicate Info