U-Ming jumps in Q1

U-Ming Marine Transport Corp has reported an 80% year-on-year increase in its first quarter net profit.

The Taipei-based shipowner posted TWD 360.4m ($12m), or TWD 0.42 per share, in net income in the period from January to March.

This compares with TWD 197.5m, or TWD 0.23 per share, recorded a year earlier, the company said in a stock exchange filing.

The shipowner attributed the improved set of financial results to better freight rates over the past two quarters.

However, it maintained a conservative outlook for the industry for the rest of this year following a decline in freight rates and the ongoing issue with vessel oversupply.