Zim posts US$1 million quarterly profit after $79 million loss last year

ISRAELI flag carrier Zim has posted a second quarter operating profit of US$1 million against $79 million loss year on year.

But annual results still left Zim with an operating loss of $116 million even as second quarter revenue increased five per cent to nearly $1.1 billion while container volume hit 604,000 TEU.

Zim said its total liquid assets rose from $121 million at the end of the first quarter to $159 million by the end of the second quarter while its cash flow on operations was $24 million.

Zim, a wholly owned unit of Israel Corp, reported positive cash flow of $24 million for the quarter, against negative cash flow of $6 million a year ago and $82 million in the first three months of 2012.