Zim's net profit decreased by 24% in 2nd quarter

Zim Integrated Shipping Services Ltd. posted a net profit of $22 million in the 2nd quarter of 2006. Half-year profit was down 54% to $43 million
 
Zim Integrated Shipping Services Ltd., a private company owned by Israel Corp., published its financial report for the second quarter of 2006 last week indicating that Zim Integrated Shipping Services Ltd. had an unsatisfactory second quarter.
 
Zim, according to the report, posted a net profit of $22 million, compared with $29 million for the corresponding quarter of last year. Half-year profit was down 54% to $43 million.
 
During the second quarter Zim shipped 518,000 TEU's compared with 546,000 TEU in last year's second quarter.
 
Zim’s financial statement clearly shows that the rise in fuel prices eroded its profits. During the first half of 2005, Zim's profit included capital gains from the sale of ships for $31 million, however the decrease in net profit was mainly because of the rise in fuel prices, which rose 49% over the corresponding period of 2005.