This is compared to a $36.6m loss in the previous corresponding period. In line with the downturn in the container industry, Singamas has been racking up losses for the past two years.
The group attributed the expected return to the black mainly to growing container demand as a result of improving global trading activities since the end of last year, and the increase in the average selling price of new dry freight containers.
Sales were also helped by advance orders ahead of China's switch to using waterborne paint which began in April as temporary suspension of some production lines during conversion was expected to affect supply. As a result, some shipping companies and leasing operators placed advance orders in the first quarter, Singamas explained.
Hence, business performance has improved as a consequence of an increase in the group’s turnover and gross profit margin for the six months ending 30 June 2017.
Singamas warned however that "in light of the persisting global economic fluctuations and uncertainties, there is no assurance that the market recovery would persist".
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