Zim revenue, profits soar

Zim revenue, profits soar Zim Integrated Shipping Services has reported a 71 percent increase in third quarter net profit of $39.4 million compared to $23.1 million in the same quarter in 2003.
   For the first nine months of this year, Zim reported a net profit of $115.2 million, four times the $28.8 million profit earned in the year-earlier period. The Haifa-based carrier also boosted its revenue 21 percent over the nine-month period to $1.8 billion from $1.5 billion a year ago.
   The increase in revenue and net profit was helped by a 10 percent increase in the average shipping price per container and a 8.2 percent increase in the number of containers shipped, compared to the same period last year, Zim said.
   In February, the Israel Corp. acquired the government of Israel 49-percent share in Zim at a cost of NIS 517 million ($119 million). The    Israel Corp. now holds approximately 98-percent of Zim’s share capital. Mainly due to the acquisition of Zim, as of Sept. 30, total assets of the Israel Corp. increased to NIS 21.9 billion ($5 billion) from NIS 15.4 billion the same time last year.
   A work strike at Israel’s port’s during the third quarter period effected Zim’s operational and commercial activities, the Israel Corp. said in a statement.