Singamas reverses first half loss into profit of US$10.19 million

HONG KONG`s Singamas Container Holdings Ltd has reported a net profit of 137.2 per cent to US$10.19 million for the six months ending June 30, reversing a loss of $27.37 million a year earlier.

The robust result was attributed to a dramatic upturn in demand for new containers amid improving global trade, Reuters reported.


Moreover, the world`s No 2 shipping container maker after Shenzhen`s China International Marine Containers (CIMC), expects gross profits to increase from the 8.4 per cent posted in the first half, according to company president and CEO Teo Siong Sengits.


The company expected to manufacture 550,000 TEU this year, rising to 600,000 in 2011, said Mr Teo, adding that he hoped to make a dividend payout by the end of this year.