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Wan Hai profits from intra-Asia

Wan Hai profits from intra-Asia
Taiwan-based Wan Hai Lines reported a net profit in the quarter ended 30 June 2013 on the back of active intra-Asia trades.

Wan Hai, which generates more than 80% of its revenues from the shorter intra-Asia routes, recorded a quarterly profit of NT$427m ($14.26m), down 64% year-on-year but the figure soared 242% quarter-on-quarter.

Revenue was registered at NT$14.8bn, a drop of 8% compared to the same period a year ago.

Results at Wan Hai showed that it has outperformed its larger domestic carrier rivals such as Evergreen Marine and Yang Ming Marine Transport Corp, which rely more on long-haul routes.

Both Evergreen and Yang Ming sank into the red with second quarter losses of NT$400.5m and NT$2.6bn, respectively.

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