Neptune Orient back to profit at $100mln

Sustained strong container shipping volumes and improving freight rates helped drive second quarter growth.

Neptune Orient Lines (NOL) on Monday reported a net profit of US$100 million for the second quarter of 2010, up from a net loss of US$146 million in the second quarter of 2009.

The container and logistics group's Core EBIT (Earnings Before Interest and Taxes) for the quarter was US$114 million compared to a Core EBIT loss of US$131 million in the same quarter a year ago. Second quarter 2010 revenue increased 53% to US$2.1 billion.

"Continued strong container shipping volumes and improving freight rates have helped us return to profitability," said Group President and CEO Ronald D. Widdows. "The result for this latest quarter reflects significant progress as we turn around our performance from the economic downturn of 2009."

NOL reported Core EBIT of US$40 million for the first half of 2010, compared to a US$353 million Core EBIT loss a year ago. Revenue in the first half increased 44% to US$4.1 billion. Net profit for the first half of 2010 was US$1 million, compared to a net loss of US$391 million in the first half of 2009.

View the full story in ETaiwan News.

Also Read

SMF, IGP&I ink deal on marine liability education

Maritime IAP touts Singapore as trade centre

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit