NOL sinks into the red in Q4 and FY2011

By CARINE LEE 

NOL Group sunk into the red in the fiscal fourth quarter ended Dec 31, 2011 with a net loss of US$320.43 million, due to higher costs associated with higher volumes and higher bunker costs.

A year ago, it made profit of US$177.47 million in the last quarter of the financial year.
Turnover for the quarter decreased 13 per cent year on year to US$2.4 billion, on the back of a decrease in liner revenue from lower freight rates across major trade lanes.

For the fiscal full year ended Dec 31, the group posted a net loss of US$478.18 million. A year ago, it reported a profit of US$460.94 million.
Cumulative turnover for the year slipped 2 per cent year on year to US$9.21 billion from US$9.42 billion.
Consequently, the group posted loss per share of 18.49 US cents. A year ago it reported earnings per share of 17.88 US cents.