ZIM Integrated Shipping Services Q3 Net Profit Plunges As Revenue Declines

ZIM Integrated Shipping Services

16.71 EUR -1.68%

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(RTTNews) - ZIM Integrated Shipping Services Ltd. (ZIM), an Israeli cargo shipping company, on Thursday reported a plunge in net profit for the third quarter, hurt by a drop in revenue.

For the three-month period to September 30, the company registered a net income of $123 million, or $1.02 per share, less than $1.124 billion, or $9.34 per share, recorded for the same period last year.

Results from operating activities stood at $259.4 million as against the prior year's $1.234 billion.

Revenue was $1.78 billion, down from $2.77 billion in the previous year. This drop in revenue reflects a decrease in freight rates as well as a smaller decline in carried volume.

For the third quarter, ZIM carried 926 thousand TEUs, compared with 970 thousand TEUs in the same period last year. The average freight rate per TEU was $1,602, less than $2,480 a year ago.

For the third quarter, the Board will pay a dividend of $0.31 per share on December 8, to shareholders of record as of December 1.

Looking ahead, for the full year, the company now projects adjusted EBIT of $700 million to $900 million, compared with the earlier guidance of $550 million and $950 million.

ZIM now anticipates annual adjusted EBITDA of $2 billion to $2.2 billion against its prior outlook of $1.8 billion and $2.2 billion.

ZIM was down by 0.33% at $16.69 in the pre-market trade on the New York Stock Exchange.