Despite a net loss of more than US$133.07 million in the first three quarters, Yang Ming Marine Transport Corp is set to post a profit for the year, thanks to gains from a revaluation of its shares in Kao Ming Container Terminal Corp (KMCT).
The nation's second-largest container shipper announced this week that it has reappraised the value of its 47.5 percent stake in KMCT, resulting in gains of $100 million, based on International Accounting Standards data.
The company may be able to take advantage of these one-off gains this quarter, which could raise its earnings per share.
"The revaluation will contribute quite a lot to the company's profitability this quarter," Yang Ming chief financial officer Vincent Lin told a press conference.
Yang Ming has undertaken a series of measures in the current quarter in an attempt to offset net losses of $142 million made in the first nine months of the year.
The company sold a 12.5 percent stake in KMCT to Japan's NYK Group last month, which could generate US$26.94 million for Yang Ming this quarter. That was followed by a decision to sell shipping containers, which could result in gains of $32 million.
These moves, along with the revaluation of its KMCT shares, may generate more than $156 million in non-operating income for Yang Ming this quarter.
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