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Tuesday, 19 October 2010

NOL Group reports US$282 million third-quarter profit

US$421 million turnaround from 3Q 2009; revenue 55% higher

SINGAPORE, 19 OCTOBER 2010 – NOL Group today reported net earnings of US$282 million for the third quarter of 2010, a US$421 million turnaround from the US$139 million net loss in the third quarter of 2009. NOL said revenue in the third quarter improved 55% to US$2.4 billion.

The Group has now reported net earnings of US$283 million through three quarters of 2010. It lost US$530 million during the same period last year.

“Strong demand and an improved rate environment have helped us turn around our performance,” said Group CEO Ronald D. Widdows. “Our emphasis at this point is on operating efficiency and cost containment to ensure that we maintain our momentum.”

The Group’s Core EBIT (Earnings Before Interest and Taxes) for the third quarter was US$319 million compared to a Core EBIT loss of US$115 million in the same quarter a year ago. For the first three quarters in 2010, Core EBIT was US$359 million compared to a Core EBIT loss of US$468 million for the first three quarters of 2009.

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