Taiwan's Wan Hai posts 82.4pc first half profit increase to US$97.3 million
Time：2015-08-26
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The company posted a 7.1 per cent increase in volume to 900,000 TEU in the second quarter, recording revenues of TWD16.5 billion, down one per cent year on year. Profit for the period was TWD1.1 billion, up 0.9 per cent year on year.
The carrier`s revenue for the same period was TWD33.7 billion, while its earnings per share nearly doubled to TWD1.42 from a year earlier.
The average freight rates of Wan Hai Lines` Asia services stood at US$444 per TEU in the first quarter of 2015, and dropped to US$426 per TEU in the second.
Kgi Securities said rates may keep falling to lower than US$400 per TEU in the third quarter, Wan Hai ceased its Euro services in August, citing over-capacity and now focuses on intra-Asia, Asia-United States and Asia-South America services.
Kgi Securities projects Wan Hai`s profit to be TWD663 million in the third quarter of 2015 and TWD693 million in the fourth quarter of 2015.