CIMC flags return to profit on recovering economic demand

China International Marine Containers (CIMC) announced in a stock market announcement that conditions in the third quarter have improved significantly and it would post a much higher profit while also turning from a loss for the first nine months from the comparable year-to-date period in 2016.

Third quarter net profit is expected to more than double to almost triple to RMB403.1m ($61.2m) to RMB553.1m from RMB188.4m previously.

For the first nine months, estimated profit is expected to come in at RMB1.2bm to RMB1.35bn from a loss of RMB189.6m previously.

"For the first three quarters of this year, revenue and profits from the group’s container manufacturing business rapidly picked up, as a result of the revitalization of the global container shipping industry, the improvement in operation conditions for shipping enterprises and the recovery in container market demands," the company said. This was compared to the previous corresponding period when there was "a slump for the container manufacturing business, with relatively low revenue
and profit basis,” it added.

Posted 16 October 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Vincent Wee

Asia Editor, Seatrade Maritime News

Seatrade Offshore Marine Workboats stacked

Seatrade Offshore Marine and Workboats Middle East

Madinat Jumeirah, Dubai • 23 – 24 September 2019

Join nearly 3,000 powerful personalities and alight at the meeting point for the global offshore marine, specialist vessel and workboat industry.

Exhibitor Opportunities >