Yang Ming posts H1 2017 financial report
Yang Ming Marine Transport Corporation (Yang Ming) held its 322nd Board Meeting on August 10, 2017 to approve its first half 2017 financial report, the company said in its press release.
The Q2 consolidated revenues total NTD 33.2 billion (USD 1.1 billion), up 19.65% from the same period over the previous year. The business volume of 1.15 million TEUs rose 6.81% year-over-year. Also, the net loss for Q2 was slashed year-over-year by 90% to NTD 445 million (USD 14.7 million). Compared to its net loss in Q1 2017 (NTD 901 million (USD 29 million)), Yang Ming’s net loss for this quarter shrunk by 50.6%.
In the meantime, Yang Ming’s first half 2017 financial results show consistent improvement. For the first six months, Yang Ming’s consolidated revenues total NTD 63.48 billion (USD 2.06 billion), with revenue up 15.65% from the same period over the previous year. The first half 2017 business volume totaled 2.28 million TEUs, climbing 10% from the same period over the previous year. The net loss was lowered to NTD 1.34 billion (USD 43.7 million), a noticeable reduction of 84% compared to the same period last year.
Since the 4th quarter of 2016, Yang Ming has taken the initiative to control costs and to develop a new strategy to optimize its financial position. 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.