Singamas Container Holdings rode on strong demand for new dry freight containers to post a record net profit of $92.5m in 2010, reversing a net loss of $51.9m in 2009. The Hong Kong-listed firm recorded revenue of $1.4bn last year, skyrocketting from the $274,7m seen in 2009, it announced Wednesday.
“Rising container demand, higher selling prices and improved production efficiency lifted the group's gross margins and operating margins, particularly for its dry freight containers,” Singamas said. The company revealed that it is looking to acquire a large plot of land near Shanghai to build two new factories, which are scheduled to commence operations from 2012.
With virtually no new container orders from mid-2008 to end-2009 and about 1.5m teus of old containers sold during this period, Singamas is anticipating rising demand for new containers throughput 2011 as global trade started improving in 2010. Analysts have predicted global demand for over 3m teus of containers this year, and Singamas is eyeing to plug the supply with higher production capacity from its new factories.
“Rising container demand, higher selling prices and improved production efficiency lifted the group's gross margins and operating margins, particularly for its dry freight containers,” Singamas said. The company revealed that it is looking to acquire a large plot of land near Shanghai to build two new factories, which are scheduled to commence operations from 2012.
With virtually no new container orders from mid-2008 to end-2009 and about 1.5m teus of old containers sold during this period, Singamas is anticipating rising demand for new containers throughput 2011 as global trade started improving in 2010. Analysts have predicted global demand for over 3m teus of containers this year, and Singamas is eyeing to plug the supply with higher production capacity from its new factories.