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CIMC flags Q1 profit upgradeCIMC flags Q1 profit upgrade

China International Marine Containers (CIMC) has reported a profit upgrade for the first quarter of 2015 on better business volume.

Vincent Wee, Hong Kong and South East Asia Correspondent

April 15, 2015

1 Min Read
Kalyakan - stock.adobe.com

CIMC said in a stock market announcement that it expects net profit to rise almost four times to between RMB447.6m ($72m) to RMB511.6m from RMB127.9m in the previous corresponding period.

CIMC attributed the increase mainly to an increase in overall business scale during the quarter as well as factors such as selling off leased vessels, which had a moderately positive effect on profits and the reduction of losses in the calculation of fair value of forward foreign exchange transactions which caused lower comparative figures for the previous corresponding period.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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