Bruce Barnard, Special Correspondent | Aug 28, 2012 10:33AM EDT
Zim Integrated Shipping’s net loss narrowed in the second quarter from a year ago as the Israeli ocean carrier boosted traffic, raised rates and cut costs.
Net loss fell to $47 million in the three months to June 30 from $68 million in the same period in 2011 and $168 million in the first quarter of 2012.
This left a wider first half net loss of $210 million compared with $179 million in the year earlier period.
Zim swung to an operating profit of $1 million in the second quarter of 2012 from a $79 million loss a year ago.
Revenue surged 22 percent from the preceding three months to $1.05 billion as volume and average freight rates rose 6 percent.
Zim, a wholly owned unit of Israel Corp., reported positive cash flow of $24 million for the quarter, against negative cash flows of $6 million a year ago and $82 million in the opening three months of 2012.
Contact Bruce Barnard at brucebarnard47@hotmail.com.
