CIMC profits drop 31.8pc in 2009 as box demand plunges

SHENZHEN's China International Marine Containers (Group), the world's largest shipping container manufacturer, has announced its net profit fell 31.8 per cent year on year to CNY958.97 million (US$140.4 million) in 2009 from CNY1.41 billion in 2008.

The company attributed the plunge to weaker demand for its dry-bulk containers and chemical industry equipment, according to the firm's annual report. CIMC's revenue was CNY20.48 billion last year, down 57 per cent from CNY47.33 billion in 2008.

Looking ahead, CIMC Group expects to see an increase in energy, chemical, and liquid food equipment, as demand for tank containers and food can-type equipment in anticipated to bounce back, as reported by SinoCast Daily Business Beat via COMTEX.

(Source: www.schednet.com)