ZIM posts Q1 2015 results
ZIM ends Q1 of 2015 showing a return to profit and continues to record a steady and ongoing improvement of its operating results. The results stem from continued improved operational efficiency, enhanced customer interface, as well as additional sailings from Asia to US East Coast, as part of the development of this trade. In addition, ZIM has recently announced the inauguration of a new line, the ZIM Seven Star Express (Z7S), connecting South China, South East Asia and the Indian sub-continent with the US East Coast via the Suez Canal and back. The Z7S, with one of the best transit times between South China, Vietnam, Singapore and Colombo, will be operated exclusively by ZIM, and will deploy 10X5,000/6,500 TEU vessels.
Q1 2015 EBIT (in Non-GAAP terms) improved dramatically, amounting to a $61 million compared to a $5 million in the previous quarter, and a $16 million negative EBIT in the same quarter last year, an improvement of $56 million and $77 million respectively. In GAAP terms, the Q1 2015 EBIT was $40 million profit.
Q1 2015 EBITDA (in Non-GAAP terms) amounted to a $85 million profit compared to a $30 million in the previous quarter and a $22 million in the same quarter of last year, an improvement of $55 million and $63 million respectively. In GAAP terms, the EBITDA was $69 million profit.
Net profit (in Non-GAAP terms) in Q1 2015 amounted to $35 million compared to a $4 million loss in the previous quarter and a $53 million loss in the same quarter of last year, an improvement of $39 million and $88 million respectively. In GAAP terms the profit amounted to $12 million.
The operating cash flow in Q1 2015 amounted to $54 million compared to $43 million in the previous quarter and $23 million in the same quarter of last year.
The Company carried 560,000 TEU containers in Q1 2015, reflecting a 0.5% decrease compared with the previous quarter and 8% decrease compared with the same quarter of last year. Most of the decrease in comparison to last year was as a result of terminating the service from Asia to Northern Europe and withdrawing from trades which are not part of the Company’s business focus. As a result of the reduced volume of containers carried, the total revenues in Q1 2015 were $792 million, compared to $813 million in the previous quarter and $867 million in the same quarter of last year. The average freight rate per TEU amounted to $1251, no change from the previous quarter and an increase of 3% compared to the same quarter of last year.
