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HomeMaritime NewsRegionsAsiaSingamas H1 profit drops by half to $13m

Singamas H1 profit drops by half to $13m

Singamas H1 profit drops by half to $13m
Container manufacturer Singamas Holdings saw first half profit plunge by more than half to $13.3m as demand for new containers experienced notable fluctuations, with soft container demand and low production volume in the first quarter followed by strong demand pick up in the second quarter, the company said in a stock market announcement.

However, average selling price rising at a slower pace; together with other developments consequently moderated the Group’s performance.

Revenue however rose 17% to $678.7m.The main manufacturing segment, which contributes the bulk of Singamas' revenue, saw pre-tax profit fall 35% from the year before to $21.5m although the corresponding result was boosted by a $6.3m extraordinary gain from the disposal of a subsidiary.

TAGS: Containers China PIL
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