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China Int'l Marine Containers sees profit for Q3 plunge 63.62%

Oct. 31, 2011 (China Knowledge) - China International Marine Containers (Group) Co Ltd<000039>, the world's biggest shipping container maker, has posted RMB 513 million net profit attributable to shareholders for the third quarter of 2011, plummeting 63.62% from a year earlier.

Operating revenue dropped 14.3% from a year earlier to RMB 14.52 billion.

Both plunges were principally dragged down by declined container orders and prices, said the Shenzhen-listed firm, adding that its net profit and revenue for the first half soared 207% and 71.86% year on year, respectively.

The container maker said it had RMB 16 billion worth of inventory as of Sep. 30, RMB 2.4 billion more than at the begging of this year, due to negative effects caused by debt crisis in Europe.

In the first nine months of this year, the company reaped RMB 3.3 billion in net profit, up 42.86% from a year earlier, and its operating revenue increased 33.57% year on year to RMB 51 billion.

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