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Biggest box maker issues profit warning, blames world trade decline
SHENZHEN's China International Marine Containers (CIMC), the world's biggest container manufacturer, has issued a profit warning to investors.
In a filing to the Hong Kong stock exchange, CIMC told the market that its net profit for 2016 will range from zero to half of what it was in 2015 - that was CNY1.97 billion (US$288 million).
"Shareholders and potential investors are advised to exercise caution when dealing in the shares of the company," said CIMC.
The company blamed its plight to shrinking international trade and a planned acquisition that was called off, in which CIMC Enrich Holdings, an equipment manufacturer, had pulled out.
"It is expected that a relatively large amount of provision for impairment will be made to the consolidated financial statements of the company for 2016, which will affect the net profit attributable to shareholders and other equity holders of the company for 2016," CIMC said.
In a filing to the Hong Kong stock exchange, CIMC told the market that its net profit for 2016 will range from zero to half of what it was in 2015 - that was CNY1.97 billion (US$288 million).
"Shareholders and potential investors are advised to exercise caution when dealing in the shares of the company," said CIMC.
The company blamed its plight to shrinking international trade and a planned acquisition that was called off, in which CIMC Enrich Holdings, an equipment manufacturer, had pulled out.
"It is expected that a relatively large amount of provision for impairment will be made to the consolidated financial statements of the company for 2016, which will affect the net profit attributable to shareholders and other equity holders of the company for 2016," CIMC said.
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