ISRAELI flag carrier Zim reversed out of a first quarter year-on-year net loss of US$53 million with a net profit of $35 million and revenues of $792 million, which declined 9.4 per cent.
"We are very pleased with our performance in this quarter and the return to profitability," said Zim president and CEO Rafi Danieli.
Improvement stem from the initiatives the company advances in the business plan that focuses on opening new lines in profitable trade areas and seizing business opportunities, he said.
Mr Danieli also spoke of improved operational efficiency, enhancing customer relations and the sharp reduction in fuel prices.
"At the same time we see the continued stagnation of the global economy and the volatile fuel prices, and we are taking steps to face these challenges," he said.
Zim carried 560,000 TEU in the first quarter, reflecting a 0.5 per cent decrease compared with the previous quarter and eight per cent drop over the same quarter last year.
This was the result of ending the service from Asia to northern Europe and withdrawing from trades.
The average freight rate was $1,251 per cent, no change from the previous quarter, but a three per cent increase year on year.
Zim has recently announced the inauguration of a new line, the Zim Seven Star Express (Z7S), connecting south China, south east Asia and the Indian subcontinent with the US east coast via the Suez Canal and back.
The Z7S, with one of the best transit times between south China, Vietnam, Singapore and Colombo, will be operated exclusively by Zim, and deploy ten 5,000 to 6,500-TEU vessels.
WORLD SHIPPING
21 May 2015 - 23:44
Zim back in black with US$53 million profit despite 9.4pc revenue fall
ISRAELI flag carrier Zim reversed out of a first quarter year-on-year net loss of US$53 million with a net profit of $35 million and revenues of $792 million, which declined 9.4 per cent.
WORLD SHIPPING
21 May 2015 - 23:44
Zim back in black with US$53 million profit despite 9.4pc revenue fall
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