zoomImage Courtesy: Yang Ming

Taiwan-based shipping company Yang Ming managed to close the third quarter of this year with a profit of TWD 1.26 billion (USD 42 million), compared with losses recorded in the same period of 2016.

As explained, Yang Ming’s improved financial status can be attributed to “a combination of strategic actions and initiatives designed to control operating costs and the concerted efforts of its team members worldwide”.

Coupled with a support from the company’s major shareholders, Yang Ming has reversed the losses of the previous quarters. To remind, the company posted net losses of TWD 901 million and TWD 445 million in the first and second quarter of 2017, respectively.

Yang Ming’s Q3 consolidated revenues were TWD 35.78 billion, surging 23.4% compared with the corresponding period last year when the company reported revenues of TWD 28.99 billion.

Volumes in the third quarter of this year totaled 1.24 million TEUs, a jump of 11.1% year over year.

In addition, the company’s earnings per share were TWD 0.7 and its net operating income year-to-date was TWD 0.5 billion. The company’s accumulated loss after tax for the same period was TWD 82 million, a 99% reduction compared to the same period last year.

As Yang Ming’s financial health continues to recover, the company said it looks for opportunities to expand operations and improve its service network.

In Southeast Asia, Yang Ming intends to partner up with the Taiwan International Port Corporation to jointly invest in Indonesia in an effort to upgrade shipping and logistics infrastructure. Additionally, Yang Ming will be establishing a Regional Operating Center to oversee the company’s operations in the Mediterranean and the Black Sea.