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Strong Asia-US demand boosts Evergreen Marine profits

Strong Asia-US demand boosts Evergreen Marine profits

Taipei: Taiwan-based Evergreen Marine Corporation has announced a net income of $39m in the second quarter of this year, reports the Taipei Times. The figures is a turn around on the dismal results announced at the same time last year, which saw the company post a loss of $1.16bn in the same period ending June 30, 2006. In fact, the group saw profits for the first half of the year reach $1.63bn, the company said in a filing to the Taiwan Stock Exchange.

The profit increase was attributed to a surge in container prices spurred by strong demand from Europe and the US for goods such as toys and textiles from Asia. Although profits were curtailed by high fuel costs, analysts believe that the container market is out of the red and will bounce back from the rock bottom prices seen late last year.  [03/09/07]

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