Ocean Network Express (ONE) has published financial results for the first half of this Financial Year (FY), posting a significant increase in revenue.
In the second quarter of FY2022, the carrier saw its income amount to $5.5 billion, an increase of 31 per cent compared to the same period last year.
For the first half of 2022, the company’s revenue came in at $18.3 billion, surging 38 per cent over 2021 figures.
ONE also reported an EBITDA of $11.7 billion, an increase of 56 per cent compared to the $7.4 billion in the first six month of FY2021.
The company’s net profit was reported to be $11 billion, up 60 per cent compared to the $6.9 billion in the previous financial year.
READ: ONE consortium takeover talks with Seaspan owner progress
Compared to H1 in 2021, liftings slightly decreased while ships’ costs increased.
As global cargo demand is declining, ONE witnessed its Asia-North America market volume in Q2 declining by 5 per cent year-on-year.
The Asia-Europe market volume fell by 4 per cent year-on-year in July and August due to inflation and the impact of higher energy prices, ONE wrote.
Congestion at some ports is improving, while congestion still lingers in Hamburg and on the US East Coast.
READ: US labour talks far from deal
The carrier expects full-year results for FY2022 to show a profit after tax of $15.2 billion, a decrease from the previous year, which reflects declining demand and the deteriorating freight market.
Ongoing supply chain disruptions, rising inflation and the decline in transport demand is expected to continue throughout the second half of the year, resulting in a forecast profit after tax of $4.2 billion in the second half of FY2022.
ONE posted a substantial increase in revenue in FY2021.
For the full financial period (ending 31 March 2022), the company’s revenue came in at $30.1 billion, doubling the previous years $14.4 billion.
