Yang Ming swings to first quarter loss

Taipei-listed Yang Ming slipped to a net loss of TWD3.66bn ($112.18m) for the first quarter as against the profit of TWD313.61m for the same period of last year.

The quarterly revenue fell by 18.2% year-on-year to TWD27.12bn, and operating costs rose above revenue at TWD29.22bn, down 6.5% from year-ago level.

Meanwhile, Yang Ming has joined as one of the six members forming a new container carrier partnership named THE Alliance, seen as a counterweight to two other major alliances of 2M and Ocean Alliance.