March 9, 2020
- Falling container renter's economic results
CAI International, New Year's Day
- The impact of the spread of COVID-19 is still unclear
- The 2019 budget of the intermodal container renter
CAI International, a reclassified accounting document to keep
company's intention to divest the business segment
related to railway wagons, business branch that has been
classified as intended for disposal, shows revenues of
USD 416.5 million, an increase of 5.1% on the year
298.8 million dollars generated
container rental business (4.9%). The voice of the
costs, with 281.9 million dollars, recorded an increase in the
13.0% driven by a general increase in expenditure.
Operating profit was US 134.7 million
(-8,3%) net profit to US 31.0 million dollars, a drop in net profit
-60.5% caused by losses from assets
disposal amounting to -20.0 million dollars.
- In the fourth quarter of 2019 alone, revenues totaled
103.4 million dollars, down -2.8% on the same
period of the previous year, of which 73.5 million dollars
products from container rental (-4.1%). Costs have increased
5.5% to 71.9 million dollars. Operating income and net profit
decreases of -18.5% and -34.4% respectively
fell to 31.5 million and 12.7 million dollars.
- Regarding the impact on the container sector
coronavirus outbreak, commenting on the results
annual president and CEO of CAI
International, Victor Garcia, noted that the evolution of
contagion "has led to the large-scale closure of business
Chinese manufacturing, including container production, and
reduction in exports of goods from Chinese ports. Even if the
production in China is slowly picking up and exports
from the region are on the rise - explained Garcia - CAI predicts that
overall maritime transport activities
will decrease during the first half of 2020.
Although the company expects production to rise and production to recover
demand for freight transport, he said, at the time of the
at the moment, however, the economic impact remains unspecified.'
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