Zim finished the first quarter of the year showing a 22 percent increase in revenue at US$912 million compared to $745 million in the same quarter last yearCargonews Asia reports.The increase stems primarily from an increase in volumes carried and an increase in average freight rates. During the first quarter, average freight rate per TEU was $1360 compared with $1200 in the same quarter last year. Quantity carried amounted to 555,000 TEUs compared to 509,000 TEUs in the same quarter last year, an increase of nine percent.
First quarter EBITDA was $22 million positive compared with negative EBITDA of $33 million in the corresponding period last year, an improvement of $55 million.
First quarter operating loss amounted to $24 million versus an operating loss of $83 million in the same quarter last year, an improvement of $59 million, mainly due to increase in revenue and quantities of cargo carried.
During this quarter, accounting expenses of $70 million were recorded due to revaluation of certain derivatives related to the financial restructuring. This is the main cause for the loss of approximately $111 million in the first quarter. Excluding these accounting expenses, the net loss in this quarter was $41 million.
First quarter EBITDA was $22 million positive compared with negative EBITDA of $33 million in the corresponding period last year, an improvement of $55 million.
First quarter operating loss amounted to $24 million versus an operating loss of $83 million in the same quarter last year, an improvement of $59 million, mainly due to increase in revenue and quantities of cargo carried.
During this quarter, accounting expenses of $70 million were recorded due to revaluation of certain derivatives related to the financial restructuring. This is the main cause for the loss of approximately $111 million in the first quarter. Excluding these accounting expenses, the net loss in this quarter was $41 million.