Taiwan’s Yang Ming Marine Transport Corporation reported narrowing its net loss in the second quarter of 2017 both year-on-year and quarter-on-quarter as volumes rose and revenues expanded.
In a statement, Yang Ming said its net loss for Q2 2017 was slashed year-over-year by 90% to TWD445 million (US$14.7 million).
Compared to its net loss in the first quarter of the year of TWD901 million, net loss for this quarter shrank by 50.6%.
Consolidated revenues for the second quarter of 2017 totaled TWD33.2 billion, up 19.65% from the same period the previous year.
Volumes carried rose 6.81% to 1.15 million TEUs year-over-year in April-June of the current year.
Meantime, Yang Ming said its first-half 2017 financial results showed consistent improvement. For the first six months, consolidated revenues amounted to TWD63.48 billion, up 15.65% from the same period the previous year.
First-half 2017 volume totaled 2.28 million TEUs, climbing 10% from the same period the preceding year.
Net loss in the first half fell to TWD1.34 billion, a noticeable reduction of 84% compared to the same period last year.
Yang Ming said that since the fourth quarter of 2016, it has tried to control costs and develop a new strategy to improve its finances.
“Coupled with a stabilized 2017 market, Yang Ming’s internal efforts have helped to grow its volumes and revenues substantially in 2017, as evidenced by Yang Ming’s year-to-date results,” said the statement.
Photo: Claire Powers
