Yang Ming forecast slashed

Yang Ming Marine Transport Corp, Taiwan's second-largest shipper, has halved its profit forecast for the 12 months to June 30 this year, as shipping rates have fallen.

The company cut its net profit forecast by 49 per cent to NT$860.6 million (about HK$198.7 million) from $1.67 billion. The estimate will be its lowest in four years.

It slashed forecast pre-tax profit by 75 per cent to $477.9 million and its revenue target by 0.5 per cent to $35.66 billion.