Singamas Container (00716) said it expects to report a significant decline in profit which may or may not result in loss for the financial year ending 31 December 2015, compared to the consolidated net profit of US$28.02 million for the previous financial year.
The significant decline is primarily attributable to the decline in the Group's turnover and gross profit margin due to the recent downturn of the macro economy. The slowdown of global economy affects export trade from the People's Republic of China, which has in turn affected the demand in, and the average selling price of, new dry freight containers, especially in the second half of 2015. This market downturn is expected to continue in the first half of 2016.
The Group expects its financial results to turn around when the PRC and global economies stabilize, which may be in the foreseeable future.
Its annual results announcement is expected to be released in March 2016.
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