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Singamas Container expects 'significant decline' in 2013 profit

Singamas Container Holdings has warned investors of a significant decline in profit for its financial year ending 31 December 2013 against a profit in the previous year.

Lee Hong Liang, Asia Correspondent

December 9, 2013

1 Min Read
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“The significant decline in profit is primarily attributable to the decline in the group's turnover due to the soft container demand and the decrease in average selling price,” Singamas said.

The box manufacturer had registered a net profit of $60.35m in the 2012 financial year. Singamas did not provide a forecast for the potential loss.

Hong Kong-listed Singamas said the lower growth in global trade volume and the continuous underperformance of the shipping market affected the performance of the company's manufacturing business.

“This market downturn is expected to continue until the second quarter of 2014,” it said.

“Nevertheless, the group's financial situation is sound with its gearing ratio at a reasonable level despite the anticipated decline in profit. The group is well poised to capture opportunity when the market picks up.”

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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