22 November 2014

[221114.EN.SEA] Zim Narrows Losses by One Accounting Standard But Widens Them by Another

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.

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