Zim continues its profit recovery

Zim continues its profit recovery    Following a jump in revenues and an improvement in freight rates, Zim Israel Navigation Co. had earnings of NIS103 million ($23 million) in the third quarter, as compared to a break-even result in the corresponding quarter of 2002.
   Revenues increased by 26 percent in the latest quarter, to NIS2.4 billion ($542 million), from NIS1.9 billion in the third quarter of 2002.
   For the first nine months of 2003, Zim reported earnings of NIS128 million ($29 million), as compared to a loss of NIS64 million in the same period of 2002. Revenues for the nine-month period were up 26 percent, to NIS6.7 billion ($1.5 billion).
   “The increase in sales derives from an increase of 3.4 percent in the average shipping fees (rates) compared with the corresponding period last year, and an increase of 25.3 percent in the quantity of containers shipped,” said Israel Corp., the parent company of Zim.