Hong Kong-listed container manufacturer Singamas Container said its profits fell 24% year on year (y/y) to USD10.1 million in the first six months of 2015 due to the falling selling prices of boxes.
The company’s revenue rose 3.7% y/y to USD704.0 million during the same period as demand for containers rose modestly after the selling prices of boxes dropped, a stock filing of the company said on 18 August.
Related news:Singamas’s profits down 18.1% y/y in 2014
The average selling price of a 20′ dry freight container fell 12% y/y to USD1,880 during the period. The price decline resulted in a 42% drop in the company’s segment result for manufacturing.
Dry freight containers and specialised containers accounted for 67% and 33% of revenue respectively in the first six months in 2015, compared with 72.4% and 27.6% for the same period in 2014.