SINGAMAS Container Holdings has reported a 21 per cent rise in attributable profits to $58.05 million for the year to December, and has proposed a bonus one-for-five warrants issue. Turnover rose to $1.12 billion, up 51 per cent over the previous year, directors said, proposing a final dividend of five cents a share, down from 6.4 cents a share the previous year. Earnings per share fell to 17.7 cents from 18.1 cents, directors said. Singamas president David Wong said the board was recommending a bonus warrants issue in the ratio of one warrant per five ordinary shares. He said last year was tough for the container manufacturing business in China. 'High inflation, rising steel prices and keen competition had a negative effect on the industry,' Mr Wong said. 'However, through improvement in efficiency and effective cost control measures, Singamas was able to minimise these adverse effects and continue to sustain a profit growth in 1994.' He said the group's financial results for last year underlined the success of its strategy of diversification. He said the group entered the container depot business with the acquisition of 73.3 per cent of Eng Kong Container & Warehousing and its Hong Kong subsidiaries, and started operating depots in Tianjin and Qingdao in China. It would open two more joint venture container depots this year in Shanghai and Ningbo, and would start making refrigerated containers in Shanghai, he said. Thanks to its new manufacturing facilities in Yixing in China, and in Surabaya in Indonesia, the group's product range now included dry freight, collapsible flatrack, high cube and open top containers, Mr Wong said.