SINGAPORE's Neptune Orient Lines (NOL) experienced a first quarter net loss that narrowed 60 per cent year on year to US$98 million down from the $245 million same quarter loss suffered last year.
But revenue was up 36 per cent to $2.1 billion from $1.5 billion in the same period last year while losses on core earnings before interest and taxes (EBIT) amounted to $74 million.
"The result, while reflecting improvement, still is not satisfactory," said NOL chief executive Ron Widdows. "
But the increase in volume and revenue provides a foundation for turning around our performance as the global economy recovers and we begin to see the effects of rate and asset utilisation improvement, particularly in the transpacific trade."
NOL's container shipping subsidiary, APL, saw revenue increase 39 per cent year on year to $1.8 billion in the first quarter, which represented 85 per cent of NOL's overall sales and a two per cent growth in its average revenue per FEU to $2,519.
APL lifted 46 per cent more volume in the first quarter to 701,000 FEU more than 481,000 FEU moved in the previous year, reported Bloomberg.
Revenue from NOL's terminal business was up 40 per cent over the previous year to $157 million while volumes increased 42 per cent.
Notably financial results for NOL's container shipping and terminals business will be presented together from the second quarter onwards. APL Logistics saw revenue increase 23 per cent year on year to $296 million.
NOL expects to return to profit this year if the "operating environment" continues to improve, said a company statement. For the full year, however, NOL is expected to incur a loss of $95 million according to Bloomberg, on the basis of an average of 17 analyst estimates it compiled.
Source : HKSG, 17.05.10.
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