Singamas profits less from boxes

Hong Kong: Singamas Container Holdings Limited, one of the world's largest manaufacturers of containers, reported a somewhat disappointing first half with net profit of $10.8m on revenues of $268m for the six months ending June 30. This compares with a net of $28.0m from turnover of $393m for the corresponding 2005 period. However, the Hong Kong-listed company says it has now put up prices, in line with the increased cost of corten steel - the main raw material used in the manufacture of boxes at its plants in the PRC (eight) and Indonesia - and begun production of new products such as US dosmetic containers and chassis, both of which are expected to improve results in the second half.  [19/09/06]