Singamas Back in the Black
Singamas Container Holdings Limited, Hong Kong-listed container manufacturing company, turned around in the first half of this year, thanks to a 45 per cent surge in its revenue mainly due to a jump in container sales and a higher average unit.
"During the review period, the recovering global economy, rise in international trade and the corresponding pick up in shipping volume as well as the strengthening market sentiment have been favourable for the container industry, leading to the improvement of container demand and a rise of average selling price (ASP)," said a statement from the company.
The Group’s consolidated revenue amounted to US$595,042,000, a significant rise of 45.0% over the revenue of US$410,277,000 obtained in the corresponding period last year. Consolidated net profit attributable to owners of the Company totalled US$16,597,000 (1H2016: net loss of US$36,619,000).
During the review period, the Group’s manufacturing business performed favourably with rising container demand, which was mainly driven by the improvement in the global economy and the liner shipping business, as well as part of the advanced orders from companies seeking to avoid shortages ahead of the temporary closure of production lines for conversion work.
While the strong demand for dry freight container, specialised container demand has softened notably during the review period, with the former accounting for 82.1% of manufacturing revenue and the latter accounting for 17.9% (1H2016: 59.5% and 40.5%).
