By CARINE LEE
Neptune Orient Lines (NOL) Limited on Monday reported a net loss of US$90.22 million dollars for the third quarter ended Sept 30, 2011, compared to a net profit of US$282.63 million a year ago.
The group said that the net loss is mainly due to higher costs associated with higher volumes and higher bunker costs.
Revenue for the quarter fell 9 per cent year-on-year to US$2.21 billion from US$2.43 billion on the back of lower liner revenue from lower freight rates across most major trade lanes.
Consequently, earnings per share (EPS) for the quarer was negative 3.53 US cents. A year ago, EPS was 10.95 US cents.
For the nine months ended Sept 30, NOL posted a net loss of US$157.76 million from a net profit of US$283.46 million previously.
However, year-to-date revenue crept up 2 per cent to US$6.81 billion from US$6.65 billion a year ago, due to increase in logistics revenue from higher volumes across the various logistics businesses.
Year-to-date EPS for FY2011 is negative 6.12 US cents. A year ago, EPS was 11 US cents.
'With continued low freight rates in container shipping and slowing trade demand, NOL Group expects to report a loss for the full year in 2011,' said the global container shipping and logistics services provider.
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