SHENZHEN's China International Marine Containers (CIMC) has posted a 38.4 per cent net profit decline year-on-year in the first three quarters to CNY976.8 million (US$160.4 million), drawn on revenues of CNY41.2 billion, up 1.2 per cent.
But in core box making, revenues were down 21.9 per cent to CNY16.7 billion, the company said.
"Compared to the first half of this year, demand in the third quarter was even worse. With weakness in Chinese exports and dismal sentiment in the global shipping industry, the box business is turning bearish," CIMC said in its quarterly report.
CIMC sold 863,900 TEU of dry boxes in January-September, down 5.5 per cent year on year as reefer box sales fell 22.2 per cent to 74,600 TEU. Specialised container sales fell 14.4 per cent to 50,000 units.
But CIMC diversified segments increased sales and pushed up group revenues. Its offshore division, which operates CIMC Raffles yard in Yantai, posted a 52.5 per cent revenue surge to CNY9.8 billion.
Revenues for its land transport division grew two per cent year on year to CNY9.8 billion and those from its energy, chemical and food business jumped 27.3 per cent to CNY8.6 billion, the company said.
PORTS
30 October 2013 - 18:17
off 38pc to US$160 million, sales up 1.2pc to $164 million
SHENZHEN's China International Marine Containers (CIMC) has posted a 38.4 per cent net profit decline year-on-year in the first three quarters to CNY976.8 million (US$160.4 million), drawn on revenues of CNY41.2 billion, up 1.2 per cent.
PORTS
30 October 2013 - 18:17
CIMC profit off 38pc to US$160 million, sales up 1.2pc to $164 million
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