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08 April 2020 The on-line newspaper devoted to the world of transports 04:04 GMT+2

March 9, 2020

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Original news
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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