For the 3rd quarter, Yang Ming posted a net profit, and saw revenues and volumes surge for the same period year-over-year.
Yang Ming recorded a net profit for the 3rd quarter of NTD 1.26 billion (USD 42 million), a stark contrast compared with losses in the same period in 2016. Meanwhile, the company’s 3rd quarter consolidated revenues were NTD 35.78 billion (USD 1.18 billion), surging 23.40% compared with the corresponding prior year period. Volumes in the 3rd quarter totaled 1.24 million TEUs, a jump of 11.10% year over year.
The company’s earnings per share was NTD 0.7, and its net operating income year-to-date was NTD 0.5 billion (USD 16.57 million). The company’s accumulated loss after tax for the same period was NTD 82 million (USD 2.7 million), a 99% reduction compared to the same period last year.
Yang Ming’s improved financial status can be attributed to a combination of strategic actions and initiatives designed to control operating costs and the concerted efforts of its team members worldwide. Coupled with support from its major shareholders, Yang Ming has successfully reversed the losses of the previous quarters.
As Yang Ming’s financial health continues to recover, the company looks to opportunities to expand operations and improve its service network. In Southeast Asia, Yang Ming will partner with the Taiwan International Port Corporation to jointly invest in Indonesia to upgrade shipping and logistics infrastructure for the benefit of our customer base. Additionally, Yang Ming will be establishing a Regional Operating Center to oversee the company’s operations in the Mediterranean and the Black Sea.