ISRAELI flag carrier Zim Integrated Shipping Services posted a narrowing third quarter net loss to US$20 million year on year, down from $76 million in 2013 and drawn on quarterly revenues of $854 million, down 2.5 per cent on a non-GAAP standard.
But on a GAAP (generally accepted accounting standards) basis the company lost $97 million before interest, tax, depreciation and amortisation against earnings of $56 million. Zim’s net loss grew to $63 million from $42 million in the third quarter of 2013.
The carrier started to benefit from a $3.4 billion debt restructuring, but conceded that the result was calculated on a non-GAAP, reported Newark's Journal of Commerce.
The carrier swung to an operating loss of $251 million from a $16 million profit in the corresponding period last year, said the report.
Zim said its financial restructuring, which included a $1.4 billion debt-for-equity swap, has "significantly" improved its financial strength and allowed it to report positive equity.
Container traffic declined 13 per cent year-on-year to 557,000 TEU, largely due to its exit from the Asia-Europe trade. The average freight rate increased seven per cent, or $79 per TEU, from a year ago to $1,281 per TEU, and was up seven per cent or $75 per TEU on the preceding quarter.
Source : SN-TR.