WINDFALL:South Korean logistics giant Hanjin Shipping’s bankruptcy resulted in the reallocation of its market share to other firms, boosting Yang Ming’s orders
Date: Nov 08, 2016
By: Lauly Li / Staff reporter
Yang Ming Marine Transport Corp (陽明海運) yesterday announced a capital reduction plan to offset the company’s accumulated net losses and issue 1 billion new shares for a capital injection in an effort to improve the company’s finances.
The decision came on the same day the company reported an unprofitable quarter ending on Sept.30, its sixth unprofitable quarter.
Last quarter’s net loss was NT$4.65 billion (US$147.53 million), with a negative gross margin of minus-6.62 percent and negative operating margin of minus-16.17 percent, the company’s filing with the Taiwan Stock Exchange showed.
That brought the company’s combined net losses to NT$16.14 billion in the past six quarters, according to the filing. [FULL STORY]