The board of Singamas Container Holdings Limited informed shareholders of the company and potential investors that based on preliminary assessment of the unaudited consolidated management accounts of the group and information currently available to the Board, the group is expected to report a significant decline in profit for the six months ending 30 June 2014 against the unaudited consolidated net profit of USD 27,492,000 attributable to owners of the company for the corresponding period in 2013. The significant decline in profit is primarily due to low production volume in first quarter 2014. Although demand gradually picked up in second quarter, average selling price was picking up in a slower pace, thus affect the overall profitability of the group.

In addition, the group had recognised a non-recurring gain of USD 11,450,000 on disposal of subsidiaries in the corresponding period last year. This non-recurring gain affects the basis of comparison between two periods and leads to a drop in profit this year.