Yang Ming Marine Transport (2609) Q4 2023 earnings summary

Executive summary

• FY23 parent-only results contracted sharply: revenue was NT$57,094,096 thousand and net profit NT$4,774,106 thousand, versus NT$261,012,906 thousand and NT$180,591,942 thousand in FY22.

• Total assets were NT$376,805,456 thousand at Dec. 31, 2023, down from NT$490,410,935 thousand a year earlier; equity was NT$276,977,912 thousand versus NT$342,959,738 thousand.

Financial highlights

• Gross profit was NT$9,374,551 thousand, with gross margin of 17%, versus NT$171,062,903 thousand and 65% in FY22.

• Profit from operations was NT$6,865,008 thousand, versus NT$166,006,501 thousand in FY22; profit before tax was NT$10,232,838 thousand versus NT$230,488,299 thousand.

• Income tax expense was NT$5,458,732 thousand versus NT$49,896,357 thousand; FY23 net profit was NT$4,774,106 thousand.

• Adjusted context: other gains and losses included NT$2,159,287 thousand of net foreign-exchange gains and NT$97,064 thousand of investment-property fair-value gains; FY22 foreign-exchange gains were NT$11,851,947 thousand.

Segment performance

• Revenue was primarily generated by the containership department; revenue from contracts with customers totaled NT$57,094,096 thousand, down from NT$261,012,906 thousand in FY22.

• FY23 cargo revenue was NT$15,955,455 thousand and slottage revenue NT$7,317,544 thousand; rental income was NT$21,526,378 thousand.