Taiwanese container line Wan Hai Lines this week reported a net profit of TWD 93.12 billion (USD 3.0 billion) for 2022, a 10% drop from 2021.
The result implied a fourth-quarter loss for the specialist within Asia, as full-year earnings fell below those of the first nine months of the year.
Net profit for the first nine months had previously come in at TWD 93.17 billion for the carrier, marking a small loss of TWD 43.5 million (USD 1.4 million) in the last three months of the year.
It is the first quarterly deficit posted by a major carrier since the second quarter of 2020 when Yang Ming was in the red.
Revenues had already plummeted for the Taiwanese airline, which expanded into international trade during the pandemic. Monthly operating profit averaged TWD 13 billion in the fourth quarter, up from TWD 21.2 billion in the third quarter. This average has further reduced in the first two months of this year to a monthly average of TWD 8.4 billion.