Dutch shipping firm Koninklijke Nedlloyd Groep NV posted a first-quarter net loss of $15.4 million, but said it expected full-
year results from ordinary activities to be "clearly positive." The shipping and road transport group, which holds a 50 percent stake in the P&O Nedlloyd joint venture with Britain's P&O, said its losses equaled those in the first quarter of 1999 and were largely due to strength in the U.S. dollar versus the euro.
P&O Nedlloyd reported a first quarter pre-tax loss of $29 million versus a $36 million loss a year ago. "The figures are slightly better than expected, and they foresee some operational profit in the second quarter, but they say that nearly every year. But the share price hasn't really reacted to the figures," a trader said.
"We are confirmed in our view from P&O Nedlloyd's expectations of a significant improvement of the results in 2000, including a positive second quarter at operating level," it added. On Tuesday, P&O Nedlloyd announced that Tim Harris had resigned as director and chief executive. P&O director Robert Woods was appointed group managing director.