Higher volumes turn around Zim profits

ZIM Israel Navigation has turned 1997's first quarter loss into an operating profit of US$8,7 million (R43,5m) for the first three months of this year.
Last year the Israeli carrier made a first quarter operations loss of $3,8 million (R19m), but said increased income from shipping and related activities had resulted in an operating profit of more than $8 million (R40m).
The company handled more than 250 000 TEU, compared with a little more than 213 000 TEU a year earlier. The higher volumes contributed directly to the increased revenue, the company said.
Overall, the company made a first-quarter net loss of $6,3 million (R31,5m).
However, this was more than halved from the $12,8 million (R64m) loss registered in the first quarter of 1997.