Taiwanese shipping company Yang Ming Marine Transport Corporation (Yang Ming) managed to cut its net loss in the second quarter of 2017 to TWD 445 million (USD 14.7 million).
The result represents a decrease of 90% compared to the net loss seen in the same period a year earlier. Compared to the previous quarter, the company’s net loss shrunk by 50.6% from TWD 901 million (USD 29 million) reported in the first quarter of 2017.
The second quarter consolidated revenues stood at TWD 33.2 billion, up 19.6% from the same period over the previous year, while the volume rose 6.81% year-over-year to 1.15 million TEUs.
Yang Ming’s first half 2017 net loss was lowered to TWD 1.34 billion, a reduction of 84% compared to the same period last year.
For the first six months of the year, the company’s consolidated revenues were at TWD 63.48 billion, with revenue up 15.65% from the same period in the previous year. Volume for the first half totaled 2.28 million TEUs, climbing 10% from the same period over the previous year.
Since the fourth quarter of 2016, Yang Ming has taken the initiative to control costs and 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.”