Container shipper Yang Ming Marine Transport Corp (陽明海運) yesterday reported a record net profit of NT$60.86 billion (US$2.04 billion) in the first quarter, up 148 percent from NT$24.51 billion a year earlier.
Earnings per share (EPS) were NT$17.35, up from NT$7.49 a year earlier, it said.
The shipper attributed the profit growth to robust cargo demand and higher freight rates, which pushed revenue to expand 71 percent annually to NT$106.7 billion, it said in a statement.
Yang Ming said its gross profit advanced 142 percent to NT$75 billion and operating profit rose 148 percent to NT$72.3 billion in the first quarter.
Last week, Evergreen Marine Corp (長榮海運), the nation’s largest container shipper, also posted a record net profit of NT$101 billion in the first quarter, up 180 percent year-on-year, with EPS expanding from NT$7.04 to NT$19.16 over the period.
Wan Hai Lines Ltd (萬海航運), which focuses on the Asian market, also posted a record net profit of NT$40.61 billion last quarter, up 185 percent from a year earlier, with EPS widening to NT$16.64 from NT$6.62 a year earlier.
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