ONE reports over US$80 million loss in October-December 2023
Singapore-headquartered Ocean Network Express (ONE) experienced a notable decline in its revenues, earnings, and profits in the third quarter of fiscal year 2023 (October - December), in contrast to the corresponding period in the previous year.
The quarter witnessed a softening of the supply and demand trend, resulting from sluggish consumption growth, reduced cargo movement during the low season, and an influx of new ships.
The company's loss reached US$83 million, a striking contrast to the US$2.77 billion profit reported in 2022. Additionally, ONE recorded a 46% decline in the quarter revenues to US$3.3 billion. Moreover, the company's Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a reduction to US$170 million, down from the US$3 billion reported in FY2022 same quarter. Furthermore, earnings before interest and taxes (EBIT) experienced a downturn, reaching minus US$248 million, compared to the US$2.73 billion recorded in 2022.