Wan Hai back in black with US$190 million net profit

TAIWAN`s Wan Hai Lines has posted its financial results for 2010, seeing a net profit of US$190 million compared to a deficit of $56.7 million in 2009, while its revenue increased 43 per cent year on year to $2.4 billion.

Operating profit hit $192 million in 2010 compared to $168.3 million in the previous year. Its return on sales was 20.5 per cent in 2010, which not only doubled the previous year`s 10 per cent, butalso came in higher than other Taiwan carriers compared to Evergreen`s 16.6 per cent and Yang Ming`s 17.2 per cent.


The carrier`s strong operating profit and was mainly attributed to owning most of its fleet, possessing 132,325 TEU out of 181,289 TEU in controls, said London`s Containerisation International. This enabled the carrier to save by relying less on chartered ships.


According to maritime analyst Alphaliner, the charter rates have been increasing since February 2010. Another factor is the carrier has a larger depreciation which helps improve book value in relation to operating profit.