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Tuesday, 14 May 2013

NOL swings into the black in Q1

Noll514
Neptune Orient Lines (NOL) posted a US$76 million (S$94 million) net profit for the first quarter of 2013, including a non-recurring gain of US$200 million from the completed sale of the NOL headquarters building in Singapore - PHOTO: SPH

Neptune Orient Lines (NOL) posted a US$76 million (S$94 million) net profit for the first quarter of 2013, including a non-recurring gain of US$200 million from the completed sale of the NOL headquarters building in Singapore.

This compares with a net loss of US$254 million for the same period a year ago.

The group said that a "continuing focus on operational efficiency and cost mitigation" helped narrow its core EBIT (earnings before interest, taxes and non-recurring items) loss to US$85 million from US$233 million a year ago - a 64 per cent improvement.

Revenue for the quarter ended April 5 stayed flat from a year ago at US$2.4 billion.

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