WAN HAI REPORTS 12% DROP IN NET ANNUAL PROFIT

WAN HAI REPORTS 12% DROP IN NET ANNUAL PROFIT

   Wan Hai Lines Ltd., the highly profitable Taiwanese carrier, reported a fall of 12 percent in its net income for 1999, to NT$2.4 billion (US$78 million).

   The result compares with a net income of NT$2.7 billion in 1998.

   Wan Hai is the largest carrier in the intra-Asia trades and entered the transpacific trade earlier this month.

   Operating income for 1999 was down by 25 percent, to NT$1.9 billion (US$60 million), from NT$2.5 billion in 1998.

   Revenue increased by 11 percent, to NT$27.5 billion (US$891 million), from NT$24.7 billion in 1998.

   Wan Hai carried 1.68 million TEUs in 1999.