[200316.EN.BIZ] Singamas Posts US$2.7 Million Loss in 2015 as Revenue Sinks 27pc

HONG KONG's container maker Singamas posted a US$2.7 million loss in 2015 after recording a $28 million profit year before. Annual revenue fell 27 per cent to $1.13 billion.

Singamas blamed the downturn in many major economies, which caused the entire container industry to see a decline in performance in 2015.

It was hardest hit during the second half when the demand for, and average selling price of new freight containers softened.

The group said it had adapted to the change in conditions that eased the effects of the downturn. It has reallocated resources and its specialised containers manufacturing and logistics businesses both achieved progress in 2015.

Container manufacturing, which still contributed the bulk of revenue, saw turnover fall by a third to $1.1 billion from $1.5 billion previously while segmental profit plunged to $2 million from $45.5 million in 2014.

Looking ahead, the demand for new container is likely to remain soft in the first half of 2016, and the outlook for the upcoming year remains uncertain, Singamas said.

Source : HKSG.