WAN HAI LINES’ NET EARNINGS SLIDE 67%

WAN HAI LINES’ NET EARNINGS SLIDE 67%    Wan Hai Lines, the Taiwanese-based transpacific and intra-Asia container operator, saw its net income fall by 67 percent last year, to NT$638 million (US$18 million), from NT$1.9 billion in 2000.
   The carrier’s operating income for 2001 decreased by 57 percent, to NT$1.1 billion ($30 million), from NT$2.5 billion in the previous year.
   Revenue increased marginally in local currency over the same period, to NT$30 billion ($855 million) from NT$29.8 billion in 2000.
   Jason Lee, chief financial officer of Wan Hai, said that the company’s results for last year were “very disappointing.”
   The market of the entire industry has worsened, he said. “We cannot avoid the impact,” he told American Shipper.
   Most Asia-based shipping lines have reported lower financial results for 2001, as a result of containership overcapacity and lower rates.