SINGAPORE, 12 August 2011 – Global container shipping and logistics group Neptune Orient Lines (NOL) today reported a net loss of US$67 million for the first half of 2011 compared to a US$1 million net profit in the same period a year ago. The Group said it lost US$57 million in the second quarter of 2011.
NOL reported a 9% revenue increase in the first half of 2011 to US$4.595 billion. It announced a Core EBIT (Earnings Before Interest and Taxes) loss of US$28 million.
The Group said first half 2011 results were affected by higher operating costs, especially for fuel, and declining freight rates. It added that its supply chain management business, APL Logistics, increased revenue and Core EBIT.
OUTLOOK
Deteriorating conditions in the global economy are resulting in weakened trade demand and continued pressure on freight rates. Unless these conditions improve, NOL will post a full year loss.
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