CSAV widens quarterly net loss to US$203 million as box volume drops 43pc

2012 05 14

Details

CHILE's main ocean carrier, CSAV, the world's 20th largest, posted a widening first quarter net loss of US$202.9 million against the $182 million lost in the first three months of last year.

But its EBIT (earnings before interest and tax) operating loss was smaller at $175.3 million than the $197.3 million lost in the first three months of the previous year.

The carrier handled 499,800 TEU in the first three months, down 43 per cent. Its average freight rates were up 5.3 per cent to $1,684 per TEU in the same period.

"If discontinued operations are ignored," said London's Containerisation International, "the net loss in first quarter would have only reached $175.6 million, ie, slightly down on its loss in the same period of last year."

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