Wisdom turns profitable in Q3

CAUTIOUSLY OPTIMISTIC: Although sales last quarter declined 12 percent over last year, it was better than a 20 percent plunge in the first six months of the year

Taipei Times
Date: Oct 10, 2020
By: Kao Shih-ching / Staff reporter

Wisdom Marine Lines Co (慧洋海運), the nation’s largest dry bulk shipping company by fleet size, turned profitable last quarter, on recovering demand from the US and Chinese markets and rising freight rates, the firm said on Wednesday.

The company reported a pretax profit of NT$117.52 million (US$4.1 million) during the July-to-September period, with pretax profit per share of NT$0.16, ending two consecutive quarterly losses, corporate data showed.

Wisdom’s sales last quarter declined 12 percent year-on-year to NT$3.12 billion, a milder slump than their 20 percent plunge in the first six months of the year, as demand for freight remained weak amid the COVID-19 pandemic, the company said.

Business began picking up as the industry entered its peak season with rising demand for bulk shipping of grain products from North America to other markets, Wisdom said in a statement.

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