CIMC H1 profit almost doubles to $169m

Revenue rose 12% to RMB32.05bn ($5.2bn) from RMB28.59bn previously while net profit almost doubled to RMB1.04bn from RMB551.9m.

The increase in revenue and net profit for the diversified conglomerate was mainly attributable to the delivery of offshore engineering projects that were still under construction in the corresponding period of last year, which reversed the losses posted then, the consistent growth in its energy, chemical and liquid food equipment business, better global economic conditions and tax gains, CIMC said.

Telling pretty much the same story of fellow container manufacturer Singamas Container Holdings which reported last week, the first half was flat for CIMC, with total container sales falling 2.5% to 625,300 teu from 641,500 teu previously. As a result, the container segment recorded revenue of RMB11.51bn 6.5% lower than RMB12.31bn previously. Net profit was RMB322.7m, up 21% from RMB410.2m previously.