Fri, Dec 13, 2013 - Page 14 News List

Evergreen Marine could still realize gains by year’s end

By Amy Su  /  Staff reporter

Despite a net loss of more than NT$2 billion (US$67.43 million) in the first three quarters, Evergreen Marine Corp (長榮海運) might post a profit for the whole of this year thanks to gains from disposing of a number of shipping containers from its subsidiary.

Taiwan’s largest container shipper announced yesterday that its fully owned subsidiary, Greencompass Marine SA (青標海運), has disposed of containers that were worth NT$2.24 billion in total.

NT$2 BILLION GAINS

The gains from the disposal stood at NT$2.06 billion, with the company possibly able to recognize the gains by the end of this year, Evergreen Marine said in a filing to the Taiwan Stock Exchange.

Evergreen Marine posted a net loss of NT$2.19 billion, or NT$0.63 per share, in the first three quarters, compared with a net profit of NT$188.64 million, or NT$0.05 per share, recorded a year earlier, the company’s financial data showed.

NONOPERATING INCOME

However, the nonoperating income from the container disposal deal might help the company register a profit for the whole of this year.

Evergreen Marine’s shares dropped NT$0.2 to stand at NT$17.15 upon the close of trading yesterday.

UBS Securities Taiwan Ltd said in its latest report that the shipper’s current value has priced in its loss for this year, with the expected recovery in global trade to be an upside catalyst in the future.

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