Evergreen Group Sees Profits Hit Record High in 2010

Taipei, March 25, 2011 (CENS)--Evergreen Group recently announced it scored NT$28.26 billion in after-tax earnings in 2010, contributed by its three subsidiaries, including Evergreen Marine Corp., EVA Airways Corp. and Evergreen International Storage & Transport Corp.

Of them, Evergreen Marine and EVA both saw earnings hit an all-time high in 2010. Thanks to their acquisition of handsome profits, the group will distribute a total of NT$6.7 billion in cash dividends for the shareholders of the three major subsidiaries this year.

Evergreen Marine registered NT$15.165 billion in after-tax earnings in 2011. The company stunted the market to cash in NT$3.4 billion in the fourth quarter of last year alone. It posted NT$4.94 in after-tax earnings per share in 2011, crushing market expectation of NT$4.5.

The fat earnings posted by Evergreen Marine last year can be attributed to its flexible operations. With no new ships joining in its fleet, Evergreen Marine could still ramp up transportation capacity by way of lease. In addition, the company attained earnings from investing in EVA Airway, which also registered handsome profits last year.

EVA posted NT$12.017 billion in after-tax earnings, or NT$4.06 per share, in 2010, hitting an all-time high.

Evergreen International Storage & Transport registered NT$1.082 billion in after-tax earnings, or NT$1.04 per share, last year.

An industry analyst said it would be a little difficult for EVA and Evergreen Marine to see its 2011 earnings exceed that of 2010 because of the oil price spike and the faltering freight fares.