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CIMC flags Q1 profit upgrade

CIMC flags Q1 profit upgrade
China International Marine Containers (CIMC) has reported a profit upgrade for the first quarter of 2015 on better business volume.

CIMC said in a stock market announcement that it expects net profit to rise almost four times to between RMB447.6m ($72m) to RMB511.6m from RMB127.9m in the previous corresponding period.

CIMC attributed the increase mainly to an increase in overall business scale during the quarter as well as factors such as selling off leased vessels, which had a moderately positive effect on profits and the reduction of losses in the calculation of fair value of forward foreign exchange transactions which caused lower comparative figures for the previous corresponding period.