Wan Hai Lines recently announced its second quarter financial results, the company's revenue of NT $16.263 billion (about 3.841 billion yuan), a year-on-year decrease of 11.52%. Profit was NT $1.675 billion, up 140.02% from a year earlier and up 19.13-fold from the first quarter of this year.
Evergreen Marine turned a profit in Q2, its highest in a decade
Taiwan's Evergreen Marine managed to turn a profit in the second quarter, hitting its highest profit in nearly a decade, thanks to rising freight rates and falling oil prices.
Evergreen Marine reported second-quarter revenue of NT $43.871 billion, up slightly from NT $43.475 billion in the previous quarter, but still down 6.9 percent from a year earlier. However, operating margins jumped to NT $7.563 billion in the second quarter, with operating profit of NT $5.194 billion, the best performance since the fourth quarter of 2010.
Driven by higher gross margins, Evergreen Marine earned NT $3.992 billion after tax in the second quarter, or NT $0.66 per share, ending two consecutive quarters of losses and returning to profit compared with a year earlier.
Despite the recent recovery in oil prices, freight rates and volumes remain high, Evergreen expects the third quarter to be the traditional peak season, earnings are expected to maintain high growth.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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