The leading regional line said in a press release that it “is encouraged by the recovery in FY2017 that led to strong financial results, and expects overall market conditions to continue to improve, driving shipping volume, freight rates and container sales”.
The increase in container volumes and recovery in its container manufacturing unit’s sales combined with initiatives which improved operational efficiency to turn the company around to a $``9.5m profit from a $251.4m loss in the previous corresponding period.
The group’s container shipping business posted increases in shipping volume and average freight rates of 12% and 9%, year-on-year, respectively. This resulted in a 21.3% growth in the shipping business’ turnover. PIL also successfully implemented initiatives which helped to increase operational efficiencies, as shipping expenses grew by just 9.3% despite the much larger rise in revenue.
The group has also been making active efforts to expand its services, with the launch of two upgraded weekly services in collaboration with the Ocean Alliance on the Far East–Red Sea service route earlier this year.