Zim slumps to third-quarter loss

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Carl Collen

BY CARL COLLEN

Zim slumps to third-quarter loss

Israeli shipping group said that lower revenue lead to a year-on-year nine-month loss of US$513m

Zim slumps to third-quarter loss

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Zim Integrated Shipping Services has announced that it slipped to a third-quarter loss of US$208m (€138m), over three times greater than a loss of US$61m (€40.6m) in the same period of 2008.

Revenue for the three-month period tumbled by 50 per cent to US$596m (€396.6m), down from US$1.2bn (€798.5m) last year, a result of lower container volume and weaker freight rates, the group said.

The results took losses for the first nine months of 2009 to US$513m (€341m), compared with US$132m (€87.8m) in 2008, in turn pushing parent company Israel Corp. into an US$11m (€7.3m) third quarter loss from a profit of US$253m (€168.3m) last year.

Revenues at Zim Integrated Shipping for the first nine months of the year stood at US$1.76bn (€1.2bn), compared with US$3.4bn (€2.3bn) in the corresponding period of 2008.

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