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U-Ming full year profit plunges 61%

U-Ming full year profit plunges 61%
Taiwan’s U-Ming Marine Transportation Corporation saw its full year profit sliced after a difficult year for dry bulk shipping in 2015.

The dry bulk shipowner recorded a profit of TWD824.4m ($25.5m) last year, a plunge of 60.5% from TWD2.09bn in 2014.

The annual revenue also declined by 13.8% year-on-year to TWD7.73bn.

The drop in earnings was mainly due to a larger unrealised loss on valuation of available-for-sale financial assets of TWD975.54m accounted in 2015, compared to the deficit of TWD590.35m in the previous year.