Zim reported losses for 1Q 2023 before market open today (22 May). Both net
profit and operating profit level were negative. While the accounting operating
cashflow is positive, the depreciation expenses, which are added back for the
operating cashflow since 2019, were mostly lease expenses and hence are cash
items.
Management maintains full year guidance which for EBIT is $100-500m, against
$14m LBIT in 1Q.
Zim is the second major liner, after Wan Hai, to have reported losses in 1Q
2023. Bo