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Zim stays in the red despite improvements

Zim stays in the red despite improvements
Israeli box carrier Zim has announced a net loss of $112m in the first quarter, down from a $163m loss in the same period of 2012.

The company's cash flow was a negative $28m, improving on 2012's $82m cash flow loss. Operational losses also improved, dropping from $116m in the first quarter 2012 to $48m this year.

Revenues of $918m were 6% up on last year's figure owing to a 4% increase in average freight revenue per teu compared to the previous year, rising from $1,282 to $1,236. Volumes at ZIM also increased, up by 6% to 602,000 teu.

The result comes as the company recently agreed to delay principal payments until the end of 2014 and further concessions totaling $400m. The company also revealed a business plan for 2013-2017 to its creditors, including an efficiency drive slashing 100 jobs at the firm.

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