ISRAELI flag carrier Zim narrowed its second quarter net loss year on year by 123 per cent to US$67 million, the company announced.
Zim said it had an operating loss of $9 million compared to $29 million in the second quarter of 2013. This despite an 11.6 per cent year-on-year shrinkage in quarterly revenue to $875 million.
Zim said the fall in revenue resulted from discontinuing services and selling its container manufacturing plant last year as well as a three per cent drop in average rates to $1,206 per TEU.
The volume of containers carried in the second quarter of 2014 was 619,000 TEU, two per cent less than in the second quarter of 2013.
Zim said most of the drop was due to terminating lines between northern Europe and the US last year and lines between Asia and northern Europe at the start of this year's second quarter.
The company said the results “constitute significant improvement, though they reflect Zim's performance before restructuring in July?
On July 16, Zim concluded a $3.4 billion debt restructuring, including a debt-equity swap with creditors of $1.4 billion. Now Israel Corp’s holding has been cut to 32 per cent from 100 per cent. Creditors make up the other stockholders.
WORLD SHIPPING
26 August 2014 - 20:53
Zim narrows net loss 123pc to US$67 million in second quarter
ISRAELI flag carrier Zim narrowed its second quarter net loss year on year by 123 per cent to US$67 million, the company announced.
WORLD SHIPPING
26 August 2014 - 20:53
Zim narrows net loss 123pc to US$67 million in second quarter
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