SHENZHEN's China International Marine Containers (CIMC), the world's biggest box maker, posted a 66 per cent year-on-year net profit increase to US$265 million, drawn on revenues of $8 billion, up 20.3 per cent.
Hong Kong-listed CMIC reported a 38 per cent year-on-year increase in third quarter net profit to $55.1 million, according to a filing to the Hong Kong stock exchange.
CIMC said it sold 22.7 per cent more dry containers aggregating to 1.06 million TEU with reefer boxes accounting for 96,000 TEU, up 28.69 per cent year on year.
CIMC truck revenues were up 9.1 per cent to $1.73 million with 87,300 units sold, a year-on-year increase of 10.93 per cent.
"In the first three quarters of 2014, the import and export performance of China’s foreign trade has been improving quarter by quarter," the company statement said.
CIMC said it is upgrading factories that make standard dry containers and has built two cold chain industry parks at Qingdao and Taicang that went into production in the first half.
The company now provides cold chain logistics, making and designing equipment, as well as offering port container services and logistics finance.
The company attributed its good results to the continuing recovery of the American and European economies driving renewed demand for containers. Growth in the oil and gas sector also helped.
CIMC is 17 per cent held by Cosco Container Industries and is involved in manufacturing drilling platforms, engineering equipment, airport facilities and property development.
The US Government is conducting an anti-dumping investigation into CIMC's export of 53-foot boxes, mostly used in America, but "as the revenue generated by 53-foot dry cargo containers only takes up a small portion of the group's total, it is expected that the investigation will not have a significant impact on financial conditions".
Source : HKSG.