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Indiaexportnews.com

CIMC recorded a loss of US$100 million

  04.02.2010    

Shenzhen's China International Marine Containers Group (CIMC), China's largest container manufacturer, recorded a loss of US$100 million in its box production business last year, Xinhua reported.
Hong Kong's container manufacturer Singamas Container Holdings, the second largest box maker, recently warned of a "significant loss" in 2009 results compared to the US$4.5 million profit the company made in 2008.
Though CIMC 's truck manufacturing, energy equipment manufacturing and ocean engineering business are becoming more profitable, revenue from these three sectors was still far behind that from container making. The group's performance in the near future still depends on the extent of recovery of its container business, according to the report.
A researcher from mainland China's Pingan Security said the recovery of CIMC's ry container business is doing better than expected. Striking the balance will not be a problem in 2010 with even hope of bringing profit to the group.
CIMC manufactured 55,000 TEU of containers during the early half of 2009. Dry boxes accounted for only 4,500 TEU. In November, the group's box production volume surpassed 10,000 TEU and even exceeded 23,000 TEU in December.


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