EVERGREEN AND UNIGLORY REPORT IMPROVED PROFITS, LOWER REVENUES

EVERGREEN AND UNIGLORY REPORT IMPROVED PROFITS, LOWER REVENUES    Evergreen Marine Corp. and Uniglory Marine Corp., the stockmarket-listed arms of the Taiwanese shipping and airline group Evergreen, reported improved profits and lower revenues for the year 2001.
   Evergreen Marine posted consolidated revenues of NT$54.4 billion (US$1.55 billion) for 2001, down 10 percent on the previous year’s NT$60.5 billion.
   Its operating income last year was NT$3.1 billion ($89 million), down 31 percent from the NT$4.8 billion operating profit in 2000.
   However, Evergreen Marine booked higher non-operating gains, including capital gains on the sale of containerships, that helped boost its net profit. Net income increased by 35 percent, to NT$1.7 billion ($48 million), from NT$1.3 billion in 2000.
      Uniglory Marine, the intra-Asian shipping affiliate of the group, saw its revenue fall by 5 percent in 2001, to NT$22.5 billion ($642 million), down on 2000’s NT$23.7 billion. Uniglory Marine said that the decrease reflected depressed freight rates that have prevailed throughout the year.
   Uniglory Marine posted an operating profit of NT$331 million ($9 million) for 2001, as compared to an operating loss of NT$386 million in the previous year. The company’s net income last year was a small profit of NT$201 million ($6 million), as compared to a net deficit of NT$346 million in 2000.
   “Uniglory attributes this turnaround to a number of factors but draws particular attention to tight cost controls which have been implemented to counteract the worst effects of this latest shipping recession,” the company said.
   Looking forward to 2002, Uniglory expects to further develop its business in China. Slot exchange relationships are being developed with other carriers to achieve improved performance, the company said.
   Besides Evergreen Marine and Uniglory Marine’s results announcements, Evergreen does not disclose group-wide consolidated financial results.
   In a separate development Uniglory Marine has notified the Taipei stock exchange that it will merge with Evergreen International Storage and Transportation, a group affiliate.