Yang Ming Reports Net Loss of $67 million During First Quarter
Yang Ming Marine Transport Corporation (Yang Ming) held its 331st Board Meeting on 11th May to approve its Q1 financial report of 2018.
The consolidated revenues of Q1 totaled NTD 31.03 billion (USD 1.07 billion), up 2.58% compared with NTD 30.25 billion (USD 1.04 billion) in revenue from previous year. The company’s net loss, after tax, was NTD 1.95 billion (USD 67 million), EPS NTD-0.75. Volumes in 2018 Q1 also increased to 1.22 million TEUs, up 9% year over year.
Under an improving container shipping market, Yang Ming has returned to profitability last year. In spite of the typical first quarter slack season, the financial report has shown continued year-on-year growth in volume and revenue which was better than expected, and also demonstrates the progress of Yang Ming’s strategy and global efficiency enhancement.
With the new containership capacity scheduled to be delivered in 2018, the record levels of capacity is expected to slightly exceed demand. While the International Monetary Fund (IMF) is suggesting that global economies as a group will continue to expand, Yang Ming remains conservative on the outlook of the 2018 container shipping industry.
The recent forecast from Alphaliner indicates that, despite the oversupply situation in 2018, it is expected that demand will catch up with supply in 2019, possibly bringing an end to overcapacity. Meanwhile, Yang Ming will continue to strengthen its business strategies and optimize fleet deployment to deliver better service networks and sustainable competitiveness advantage to customers worldwide.
Source: Yang Ming