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CIMC expects first-half net profits to soar 50pc from non-core gains
SHENZHEN's China International Marine Containers (CIMC), the world's biggest box maker, expects first half net profit to soar more than 50 per cent year on year between CNY828 million and CNY1.1 billion (US$133.4 million - $177.8 million).
The expected gain was attributed to the success of CIMC's offshore engineering business in Yantai, composed of CIMC Raffles, which went into profit after deliveries of three jack-up drilling rigs and two semi-submersible rigs.
"The group made the delivery of the undergoing construction works projects in its offshore engineering business, and realised a positive profit compared to the loss of previous year," CIMC said in a stock exchange filing.
"Other businesses like the energy, the chemical and liquid food equipment has been kept increasing," said the company statement.
The company also benefited from the fact it no longer needed to withhold taxes after deeming several overseas subsidiaries as Chinese tax residents, said the company.
The expected gain was attributed to the success of CIMC's offshore engineering business in Yantai, composed of CIMC Raffles, which went into profit after deliveries of three jack-up drilling rigs and two semi-submersible rigs.
"The group made the delivery of the undergoing construction works projects in its offshore engineering business, and realised a positive profit compared to the loss of previous year," CIMC said in a stock exchange filing.
"Other businesses like the energy, the chemical and liquid food equipment has been kept increasing," said the company statement.
The company also benefited from the fact it no longer needed to withhold taxes after deeming several overseas subsidiaries as Chinese tax residents, said the company.
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