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Singapore state-owned Neptune Orient
Lines sank US$151m into the red for
the first half of the 2002, dragged
down by container shipping and
logistics.
The US$151.4m bottom line loss was
greater than even the most
pessimistic of investment analyst
forecasts.
Of NOL's three core businesses only
its tanker and chartering arm made
money at an operating level,
registering a $9m profit before tax
and interest.
Container lost US$77m before
interest and tax, while the much
vaunted logistics business lost
US$11m.
Turnover for the group as a whole
fell 5 per cent to US$2.3bn compared
with the same period in 2001, due
largely to lower freight rates from
the APL business.
Despite the losses, there are some
signs that the second half will be
better, with stronger than expected
volume growth of 12 per cent as a
whole in the first half for the
liner business though not through
better volumes but also through rate
improvements.
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