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CIMC projects $67m loss in first six months

CIMC projects $67m loss in first six months
China International Marine Containers (CIMC) has warned investors of a significant loss for its first half ended 30 June 2016, as against the profit recorded in the same period of 2015.

Hong Kong-listed CIMC has projected a loss of not more than RMB450m ($67.4m) for the January to 30 June 2016 period, a reversal of fortune from the profit of RMB1.52bn in the year-ago period.

“During the first half of 2016, there was a slowdown of China’s economic growth, continuous weak demand from the external economies, continuous downturn of international trade and export, and the increased fluctuation in RMB,” CIMC stated.

“Although the group has implemented various measures for active response, the operating results of the group during the reporting period are expected to still record a substantial decline as affected by the persistent market downturn,” it added.