Hong Kong listed box manufacturer China International Marine Containers has issued a profit alert through the Hong Kong stock Exchange suggesting that profit for 2017 will see a more than four-fold increase.
“In 2017, sales volume, revenue and profits from the group’s container manufacturing business rapidly picked up, as a result of the revitalization of the global container shipping industry, the improvement in operation conditions for shipping enterprises and the recovery in container market demands,” CIMC said.
CIMC expects to record a Rmb2.8bn (US$442m) profit for the year compared to Rmb539.7m in 2016. CIMC conceded that the increase in profits and revenue arose from the low base that existed in a containership nadir in 2016. But the turnaround was also assisted by a satisfactory performance of its road transportation business and relocation compensation of the Shenzhen Prince Bay Project land and investment gains from the disposal of an equity interest in Shenzhen CIMC Electricity Commerce and Logistics Technology.