Although revenue slightly increased by 4.5% to RMB28.59bn compared with the same period last year, a huge RMB218.39m spike in financial expenses saw this figure nearly double to RMB454.83m from RMB236.44m previously, mainly due to forex losses, adversely affecting the bottom line.
CIMC's key container manufacturing segment suffered from the same weak global economic conditions as others in the industry, recording a 9.9% fall in revenue to RMB12.31bn, and seeing net profit fall by nearly half to RMB410.23m.
In the offshore engineering business, the group saw revenue rise 22.1% to RMB1.52bn, but the substantial increase in revenue was mainly due to more projects having their contributions recognised this year compared to the same period of last year. However, timing issues also led to a net loss of RMB195.47m as revenue recognized in the first half of the year was insufficient to cover operating expenses as most of the orders on hand were secured in the second half of last year, the group said.
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