SINGAMAS Container Holdings suffered foreign exchange losses totalling $12.9 million last year, compared with gains of $11.4 million in 1993. But president David Wong said the company's operations were not affected by the weakness of the US dollar in which all sale contracts were written. Singamas, the world's largest container manufacturer, this week reported attributable profits of $58.05 million for last year, up 22 per cent over the 1993 figure of $47.68 million. If not for the foreign exchange losses and the value-added tax in China, which swallowed an additional $7.8 million, the attributable profit would have been $78.75 million, representing seven per cent of sales, up from 4.9 per cent in 1993. Mr Wong said the company would continue its diversification policy to increase revenues from non-container manufacturing operations. 'The idea is to derive 60 per cent of revenues from non-container manufacturing activities by 1997,' he said. Container manufacturing operations accounted for 80 per cent of the pre-tax profit of $95 million and 85 per cent of the $1.12 billion turnover. In 1993, container manufacturing accounted for 99.3 per cent of the pre-tax profit of $90.28 million. 'Container depot business reduces the impact of the downturn in the container manufacturing business,' Mr Wong said. The company diversified into the container depot business last year by taking majority stakes in DY Terminals and Eng Kong Container & Warehousing of Hong Kong and opening depots in Tianjin and Qingdao in China. Last month, it started mid-stream container handling operations to provide synergy to container depot business. DY Terminal and Eng Kong together have a storage capacity of about 3,500 20-foot containers while Tianjin and Qingdao depots can store 8,000 units. The company has concluded a joint-venture agreement with a shipping line and the Ningbo port to establish a container depot there soon. Another joint-venture agreement has been signed with the Shanghai Port Authority to set up depots in Shanghai. Mr Wong said the company's depots in the four cities would offer storage capacity of 21,000 containers. Plans also call for setting up depots in other strategic locations in China, starting with Dalian, Xiamen and Zhangjiagang. Mr Wong said the company made investments totalling $348 million last year and would start realising their full benefits this year. 'We can look upon 1994 as the year during which the group's main 'seed sowing' took place.' The directors have recommended a final dividend of five cents per share and a bonus issue of one warrant for every five shares.