Wan Hai records strong earnings on higher shipping volumes

Net profit in the first half ended 30 June 2014 jumped to TWD1.73bn ($57.73m) from TWD551m in the previous corresponding period.

Revenue in the first six months also grew 9.6% year-on-year to TWD31.41bn due mainly to a 7.2% annual increase in shipping volumes.

Wan Hai, which generates a majority of its revenue from the shorter intra-Asia container shipping routes, also posted a second quarter profit of TWD1.08bn, a jump of 152% year-on-year.

Wan Hai has outperformed its fellow Taiwanese lines, Evergreen Marine and Yang Ming Marine Transport, despite being the smallest of the three lines.

Evergreen recorded a second quarter profit of TWD150.2m while Yang Ming registered a profit of TWD224.5m. Both Evergreen and Yang Ming returned to the black as against a loss in the same quarter of 2013.