Fri, Dec 27, 2013 - Page 14 News List

Yang Ming set for annual profit

By Amy Su  /  Staff reporter

Despite a net loss of more than NT$4 billion (US$133.07 million) in the first three quarters, Yang Ming Marine Transport Corp (陽明海運) might post a profit for the year, thanks to gains from a revaluation of its shares in Kao Ming Container Terminal Corp (KMCT, 高明貨櫃碼頭).

The nation’s second-largest container shipper announced on Wednesday that it has reappraised the value of its 47.5 percent stake in KMCT, resulting in gains of NT$2.99 billion, based on International Accounting Standards data.

The company may be able to take advantage of these one-off gains of NT$2.99 billion this quarter, which could raise its earnings per share (EPS) to NT$0.91.

“The revaluation will contribute quite a lot to the company’s profitability this quarter,” Yang Ming chief financial officer Vincent Lin (林文博) told a press conference.

Yang Ming has undertaken a series of measures in the current quarter in an attempt to offset net losses of NT$4.28 billion, or NT$1.31 per share, made in the first nine months of the year.

The company sold a 12.5 percent stake in KMCT to Japan’s NYK Group last month, which could generate US$26.94 million for Yang Ming this quarter. That was followed by a decision to sell a shipping containers, which could result in gains of NT$986.35 million.

These moves, along with the revaluation of its KMCT shares, may generate more than NT$4.7 billion in non-operating income for Yang Ming this quarter.

Yang Ming’s shares were unchanged at NT$13.85 yesterday.

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