CIMC saw profits plummet in 2012

The profits of China International Marine Containers (Group) Co Ltd, known as CIMC, dropped 48 percent year-on-year in 2012 due to sluggish container demand amid the weak global economic recovery and a price decline for containers, the company said on Thursday.

The company's profits were 1.94 billion yuan ($312.4 million) in 2012, compared with 3.69 billion yuan in the previous year.

The company also said that its 2012 revenue decreased 15.3 percent to 54.3 billion yuan from 64.1 billion yuan a year earlier.