Yang Ming returns to profit
Taiwan-based Yang Ming Marine Transport Corporation has reported its figures for Q3 of its financial year, and the first nine months of the year show a return to profitability in 2020.Consolidated revenues for Q3 totalled NTD 38.8 billion (around USD 1.3 billion), up by 2.83% from the same period last year. However, business volumes were down by 11% to 1.28 million teu. Yang Ming’s after-tax profits for the third quarter Nevertheless came to NTD 2.74 billion (about USD 91.7 million).
"The decline in volume was mainly due to the market uncertainty caused by the Covid-19 pandemic," the carrier said in a press release. For the first three quarters of 2020, Yang Ming’s consolidated revenues stood at NTD 105.25 billion (USD 3.53 billion).Volumes in the first nine months of 2020 came to 3.66 million teu. After-tax profits for the first three quarters improved by 155% year-on-year to NTD 1.85 billion (around USD 62 million). This positive trend seems likely to continue in the last quarter of 2020 too. (cd)