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Singamas hit by US$36.6 million loss, first half revenues fall 42pc
THE world's No 2 container maker, Hong Kong-listed Singamas Container Holdings, posted a US$36.6 million loss against last year's $10.1 million profit as this year's first half revenues fell 42 per cent to $410.3 million year on year.
Blaming the slowdown in the global economy, Singamas said: "Lacklustre conditions affected world trade, which impacted demand for new containers and placed pressure on the selling price."
The Kowloon-based company, second only to Shenzhen's CIMC, noted that the recent major movements in the container liner and leasing space have created market uncertainties, which retarded demand for new containers.
"The combination of lower business volume and lower prices resulted in a decline in the group's performance," Singamas said.
The company produced 33.6 fewer containers to 223,982 TEU in the first half while average prices fell 24.7 per cent to $1,414 per TEU.
But Singamas' logistics revenues did better, rising 3.7 per cent in the first half to $16.5 million year on year.
Looking ahead, Singamas said: "The challenging economic conditions are not expected to subside in the short term; hence demand for new containers will remain weak in the immediate future."
Blaming the slowdown in the global economy, Singamas said: "Lacklustre conditions affected world trade, which impacted demand for new containers and placed pressure on the selling price."
The Kowloon-based company, second only to Shenzhen's CIMC, noted that the recent major movements in the container liner and leasing space have created market uncertainties, which retarded demand for new containers.
"The combination of lower business volume and lower prices resulted in a decline in the group's performance," Singamas said.
The company produced 33.6 fewer containers to 223,982 TEU in the first half while average prices fell 24.7 per cent to $1,414 per TEU.
But Singamas' logistics revenues did better, rising 3.7 per cent in the first half to $16.5 million year on year.
Looking ahead, Singamas said: "The challenging economic conditions are not expected to subside in the short term; hence demand for new containers will remain weak in the immediate future."
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