Yang Ming Limits Losses During First Quarter of 2019
Yang Ming Marine Transport Corporation (Yang Ming) held its 337th Board Meeting on 14th May to approve its Q1 financial report of 2019.
The consolidated revenues of Q1 totaled NTD 35.08 billion (USD 1.14 billion), up 13.02% compared with NTD 31.03 billion (USD 1.07 billion) in revenue from previous year. The company’s net loss, after tax, was NTD 0.68 billion (USD 22.06 million), with an EPS of NTD -0.26. Volumes in 2019 Q1 increased to 1.29 million TEUs, up 5% year over year.
Despite the traditional slack season in the first quarter and the rising operating cost resulting from the 11% increase in oil bunker price comparing to the last year, Yang Ming has cut down its losses by as much 65%. The financial report has shown continued year-on-year growth in both volume and revenue. The better-than-expected results can be attributed to dedication and teamwork within the Yang Ming group. The results also reflect the company’s execution of its strategies.
Analyst firm Alphaliner recently forecasted for 2019 a growth in supply at 3.1% with demand rising at 3.6%. This prediction signals an improving supply-demand market. With a brighter outlook, Yang Ming continues to adapt to market changes and adjust operating strategies in line with the direction of the market. As illustration, Yang Ming’s fleet of new eco-friendly vessels is well prepared to meet with the upcoming IMO (International Maritime Organization) 2020 low-sulfur regulations. The company’s fleet optimization plan is another example of Yang Ming’s efforts to achieve its corporate social responsibility goals, while increase its cost-efficiency and competitiveness in the market.
Source: Yang Ming