Evergreen Marine Corp., operator of Asia's No. 1 container-shipping line, returned to profit as carriers reduced capacity to increase freight rates.
The net income of NT$2.5 billion ($85 million) for the three months ended Sept. 30 compared with a loss of NT$1.12 billion a year earlier, based on nine-month results announced by the Taipei-based company yesterday. The average of eight analyst estimates compiled by Bloomberg was for a net income of NT$2.95 billion.
Evergreen Marine joined Neptune Orient Lines Ltd. in reporting improved earnings after industrywide losses last year prompted carriers to boost cooperation and idle ships in a bid to increase rates. Evergreen's third-quarter consolidated sales jumped 45 percent from a year earlier, based on monthly filings to the Taiwan stock exchange.
Evergreen dropped 2 percent to NT$14.95 in Taipei yesterday before the announcement. The stock has fallen 2.3 percent this year, compared with the 0.9 percent gain in the benchmark Taiex index.
Nine-month net income totaled NT$104 million, compared with a profit of NT$267 million a year earlier, the company said in a statement to the Taiwan stock exchange today.
Evergreen Line operates 186 vessels with a combined capacity of 732,001 containers, according to Alphaliner data.
Neptune Orient Lines, based in Singapore, on Oct. 25 reported third-quarter net income of $50 million compared with a loss of $91.1 million a year earlier.
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