(Yicai Global) Oct. 28 -- Shares of China International Marine Containers fell after the transport equipment maker said third-quarter profit plunged almost 90 percent from a year ago, as demand for shipping containers returned to normal after last year’s record high. 

CIMC [SHE: 000039] closed down 4.3 percent at CNY6.73 (93 US cents) a share today. The stock’s price has fallen almost 40 percent so far this year.

Net profit sank 87 percent to CNY579 million (USD80 million) in the three months ended Sept. 30, the Shenzhen-based company’s earnings report showed yesterday. Operating revenue fell 18 percent to CNY37 billion (USD5.1 billion).

The manufacture and sales of bulk containers fell from a record high last year, the company said, adding that its container business still has good profitability. CMIC sold 1 million twenty-foot equivalent units of dry cargo containers and 100,800 TEUs of refrigerated containers in the first three quarters, down about 47 percent and 22 percent from a year ago, the report showed.

Operating revenues at CMIC fell in the first nine months and the third quarter, but were still high, with nine-month net profit second only to last year’s, according to data from Wind Information.

CIMC recently withdrew an offer to acquire Maersk Container Industry, the cold chain equipment business of Danish shipping giant Maersk, following a US anti-trust investigation.

CMIC, which in September last year agreed to buy MCI and MCI Qingdao for USD1.1 billion, will pay MCI USD85 million to settle the failed deal. CIMC said it would continue efforts in the cold chain business to expand its revenue stream.

Editor: Martin Kadiev