Huge profit gains in ocean shipping have become commonplace this year. But Ocean Network Express’ year-over-year profit increase — 1,432% — is still attention-grabbing.
For its fiscal 2021 first quarter, ONE recorded profit of $2.559 billion, a $2.39 billion gain from the $167 million posted in the same period last year.
ONE’s fiscal year runs from April 1 to March 31.
ONE said in its earnings report Friday that “profit significantly increased” in large part because of the continuing strong...
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