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NOL Group swings to U.S. $ 100,000,000 net income for the second quarter
Global container shipping and logistics group Neptune Orient Lines (NOL) Friday reported a net profit of US$100 million for the second quarter of 2010. That was up from a net loss of US$146 million in the second quarter of 2009
The 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 return us 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 (Earnings Before Interest and Taxes) 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$4.2
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.
The
Group said it will not pay an interim dividend to shareholders.?
However, the Group will consider a final dividend to be paid based on
its current policy of paying an annual dividend of 20% of net profits
after tax.
Business Segments
As previously announced, NOL is
presenting the financial results of Container Shipping and Terminals as
one business unit, namely Liner.
APL, NOL’s Liner shipping business,
reported first half 2010 revenue of US$3.7 billion, up 46% from US$2.5
billion a year ago.? Volume in the first half increased 39% to 1.35
million FEUs (forty-foot equivalent units).? Core EBIT for the first
half was US$13 million, up from a Core EBIT loss of US$372 million a
year ago.
“Vessels were effectively full during much of the first
half of 2010 even though we reintroduced idled vessels to our network
and added incremental capacity,” said APL President Eng Aik Meng.? “In
the second half, we will continue to emphasize operational efficiency
and service reliability to meet the needs of our customers.”
APL
Logistics, NOL Group’s supply chain management business, reported Core
EBIT of US$27 million in the first half of 2010, up 13% from 2009.?
Revenue increased 33% to US$578 million.? The improvement was attributed
primarily to increased volume across various business lines, higher
rates in the freight forwarding business and growth in the auto
logistics sector.
“We are particularly encouraged that average weekly
revenue in the second quarter of 2010 was the highest it has been since
late 2008,” said APL Logistics President Jim McAdam.?
Outlook
With
further improvement anticipated in container shipping volume and rates,
NOL Group expects significant improvement in third quarter profits.?
NOL will continue to emphasize cost efficiency, improved productivity
and service delivery.
Source: NOL
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