Top Chinese container manufacturer sees Q3 profit drop 65%

Third quarter profit at China International Marine Containers fell 65% to RMB206 million (US$32.39 million), South China Morning Post reported, citing a statement from the company. Third-quarter turnover at the world’s largest container manufacturer decreased by 28% to RMB12.6 billion in third quarter, dropping by 8.7% to RMB54.3 billion in the first nine months of the year, with the firm’s core container business sales revenue down 8.98% to RMB17.3 billion for the latter period. Company secretary Yu Yuqun said in a statement late on Tuesday that the downturn was caused by sluggish demand in Europe and the end of the bulk commodity and credit boom cycles in emerging economies and developing countries.