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CIMC's Q1 net profit plunges 72.37%

Apr. 25, 2012 (China Knowledge) - China International Marine Containers (Group) Co Ltd <000039> <200039>, the world's largest shipping container maker, said yesterday that its net profit fell 72.37% year on year to RMB 375 million in the first quarter of this year, due to a weak container business.

The company's operating revenue fell 27.58% year on year to RMB 12.35 billion in the first three months.

Sales of containers were RMB 5.33 billion in the quarter. The company sold 168,400 twenty-foot equivalent units (TEU) of dry cargo containers in the period, 66.19% less than in the first quarter of 2011.

The sales of reefer containers were 47,700 TEUs in the period, up 9.00% year on year, but the sales of special containers fell 12.57% to 15,300 TEUs.

CIMC earlier reported a net profit of RMB 3.69 billion for 2011, 22.96% more than in 2010. Operating revenue jumped 23.87% year on year to RMB 64.13 billion last year.

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