Once-beleaguered Pacific International Lines delivers US$2.6b earnings for FY21
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THE once-heavily-indebted Pacific International Lines (PIL) has made a spectacular turnaround, reversing from US$44.7 million in red ink for 2020 to US$2.6 billion in earnings for 2021.
The container carrier generated a topline of over US$5.8 billion last year as the shipping industry benefited from pandemic-fuelled e-commerce and maritime congestion.
Statements filed by PIL with the Accounting and Corporate Regulatory Authority in July showed the company first logged hundreds of millions of losses in 2018 — despite reporting revenue to the tune of billions.
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