HONG KONG's container manufacturer Singamas Container Holdings has warned of a "significant loss" in 2009 results compared to the US$4.5 million profit the company made in 2008.
Rated the world's second biggest manufacturers of shipping containers after Shenzhen's China International Marine Containers (CIMC), Singamas said it had suffered severely in the global downturn.
"The financial and economic turmoil continued from the second half of 2008 into 2009. The global financial and economic downturn has affected export trade from China, which has affected container demand, revenue and profit," said the company statement.
"Nevertheless, the group's specialised container and logistics businesses are on track. Also, the PRC [Peoples Republic of China] export market has been improving, especially in the fourth quarter.
"The group has implemented cost control measures and continued its focus in expanding its product mix by developing more higher-margin specialised containers," said the statement.
Source : HKSG, 25.01.10.
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