ONE Q2 profit drops 97%, full year profit seen down 94%
Revenue declined 62% to $3.5 billion even as liftings increased seven percent to 3,087,000 TEUs. Profit and revenue were affected on soft supply-demand balance and short-term freight rates not sustaining their upward trend.
For the first half of 2023, profit dropped 94% to $700 million on 60% decline in revenue at $7.3 billion. Liftings were up marginally (one percent) at 5.9 million TEUs.
For the full year 2023, profit is expected to decline 94% to $851 million from $15 billion while revenue is seen dropping 51% to $14.5 billion.
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