China Containers Q1 profit down 15.42%
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China International Marine Containers (Group) Co., Ltd. said Monday its Jan-March profit went down 15.42 percent from a year earlier to 354 million yuan (51.83 million U.S. dollars).
China Containers said Monday night in its quarterly report that the profit was mainly brought by the company's non-recurring offsetting and writing off about 373 million yuan (54.6 million U.S. dollars) inventory falling price reserves
The inclusion of Yantai Raffles, a shipbuilding company in east China's Shandong Province, in consolidated statements also increased China Containers' profit by 115 million yuan (16.84 million U.S. dollars).
Along with gradual recovery of the global economy, China's export and the container trade was picking up and demand for containers in the shipping market was growing, the company said in its report.
China Container's accumulative sales of dry cargo containers stood at 102,900 TEU in the first three months of 2010, exceeding total sales throughout 2009.
Its accumulative sales of reefer containers dropped 19 percent year on year to 16,200 TEU while accumulative sales of special containers was down 22.14 percent to 9,500 TEU from a year ago.
