Yang Ming Profit Surges in Third Quarter

Yang Ming Marine, Taiwan’s second largest container line, posted a record profit and revenue in the third quarter, which ended Sept. 30, on rising freight rates, stronger demand and effective cost-control measures.

Yang Ming chairman Frank Lu said he expects the company to remain profitable in the current fourth quarter — a traditionally slow season — on steady shipping demand.

Third-quarter net income reached $248.5 million, compared with a loss of $124 million a year earlier. The company’s third quarter profit was 185 percent higher than the profit of $88.4 million it earned in the second quarter.

Yang Ming earned a profit of $341 million in the first three quarters of the year, compared to a net loss of $352 million in the same period last year.

Third-quarter revenue rose 82.95 percent to a record $1.1 billion from $618 million a year earlier and was up 29.4 percent from $873 million in the second quarter of this year.

In the first nine months, Yang Ming’s revenue totaled $2.7 billion, up 53.91 percent from $1.8 billion.
(Source:www.joc.com)