Container Manufacturer Reports Profit Plunge
World-leading container manufacturer and logistics services provider Singamas Container Holdings Limited (Singamas) has announced its unaudited interim results for the six months ended 30 June 2014.
Net profit were down almost 52 per cent to US$13.28 million for the six months to June from US$27.49 million a year earlier because of unstable demand.
The Group recorded consolidated revenue of US$678,745,000 for the six months ended 30 June 2014, 16.9% higher than the corresponding period of last year (1H2013: US$580,854,000). Consolidated net profit attributable to owners of the Company amounted to US$13,275,000 (1H2013: US$27,492,000), while basic earnings per share were US0.55 cent (1H2013: US1.14 cents).
Mr. Teo Siong Seng, Chairman of Singamas, said: “Demand for new containers remained soft and production volume was low in the first quarter of 2014, which began to pick up entering the second quarter. However, average selling price was picking up in a slower pace; consequently moderated the Group’s performance.”
Singamas is one of the world’s leading container manufacturers and logistics services providers. Its manufacturing business covers twelve container factories located in the PRC. Its logistics operations include eleven container depots/ terminals, eight located in key locations in the PRC – Dalian, Tianjin, Qingdao, Shanghai, Qidong, Ningbo, Fuzhou and Xiamen, two in Hong Kong and one in Laemchabang, Thailand. It also runs a logistics company in Xiamen, the PRC.