Evergreen’s Taiwanese affiliate poised for higher profits
Evergreen Marine Corp. (Taiwan) Ltd. is expected to report higher consolidated profits for 2003, following the filing of stronger unaudited and non-consolidated results to the Taiwanese stock market.
The Taiwanese company said it made a non-consolidated net profit of NT$3.4 billion ($101 million) last year, three times the net income of NT$1.1 billion earned in 2002.
Despite the strong improvement, the results are difficult to interpret because they are not consolidated, and cover only a small part of the entire Evergreen group. Evergreen Marine Corp. (Taiwan) is the stock market-listed arm of the group, which also includes Evergreen International in Panama and other subsidiaries.
The non-consolidated operating result of Evergreen Marine Corp. (Taiwan) for 2003 was a loss of NT$1.8 billion ($51 million), as compared to an operating profit of NT$34 million in 2002. However, its non-operating result soared to NT$5.5 billion ($163 million) last year, from NT$1.3 billion in 2002, thanks to a higher investment income.
Non-consolidated revenues at Evergreen Marine Corp. (Taiwan) jumped to NT$35.1 billion ($1 billion) last year, 62 percent more than the NT$21.6 billion figure reported for 2002.
Evergreen Marine’s head office in Taiwan would not comment on the latest figures reported to the stock market.