How will NOL perform next week?
By JOYCE HOOI
NEPTUNE Orient Lines narrowed its losses year-on-year for its first quarter ended Apr 2, 2010 by posting a loss of US$98.5 million compared to a loss of US$244.6 million in the corresponding period last year.
The better performance was attributed to higher volume and increasing freight rates under the improved container shipping operating environment.
Revenue for the quarter grew a robust 36 per cent, from US$1.54 billion the year before to US$2.1 billion. The increase in revenue is mainly due to the increase in container shipping revenue which experienced volume and rate improvement.
Loss per share stood at 3.82 US cents, compared to a loss per share of 15.01 US cents in Q1 2009.
NOL expects to return to profitability for the full year on continued improvements in volumes and freight rates in its principal markets.
The group's counter closed a cent lower in trading today, to $2.14.
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