UASC SUFFERS 49% SLIDE IN ANNUAL PROFIT
United Arab Shipping Co. reported a 49-percent fall in its net profit for
1998, to $27 million, from $53 million in 1997.
Gross profit before interest fell by 29 percent, to $35 million, from $49
million in 1997.
Revenues rose by 5 percent last year, to $642 million, from $612 million in
the previous year.
UASC said that it has been affected by the continuation of the Asian crisis
and that vessel overcapacity has intensified competition.
The Kuwait-based shipping line carried about 565,000 TEUs last year, 17
percent more than in 1997, and 1.4 million freight tons of breakbulk cargo, a drop of 17
percent from the previous year.
The detailed financial results of UASC and other ocean carriers are posted on
the ComPairData global shipping database at http://www.compairdata.com.