Zim Integrated Shipping Services, in a sign that the Israeli carrier’s fortunes could be headed back to profitability later this year, narrowed its first quarter operating loss to $48 million from $116 million a year earlier on increased traffic, higher freight rates, improved efficiency and cost savings.
The net loss also shrank, to $112 million from $163 million in the first three months of 2012, and the loss before interest, tax, depreciation and amortization declined to $6 million from $69 million a year earlier.
Zim Integrated Shipping Services, in a sign that the Israeli carrier’s fortunes could be headed back to profitability later this year, narrowed its first quarter operating loss to $48 million from $116 million a year earlier on increased traffic, higher freight rates, improved efficiency and cost savings.
The net loss also shrank, to $112 million from $163 million in the first three months of 2012, and the loss before interest, tax, depreciation and amortization declined to $6 million from $69 million a year earlier.
Revenue grew 6 percent to $918 million as average freight rates increased 4 percent to at $1,282 per 20-foot container.
Traffic climbed 6 percent to 602,000 TEUs, the result of “being in the right trades at the right time,” Zim Chief Financial Officer Guy Eldar said.
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