NOL Losses Near $335M

Tuesday, January 21, 2003
Neptune Orient Lines Limited (NOL) has revised the full year outlook for its 2002 financial results. “Our statement at the interim results in September that, although still recording a loss, we expected the second half of 2002 to be better than the first half remains correct at the operating level. However, exceptional items will significantly affect the overall bottom- line,” NOL Chairman Cheng Wai Keung said. Cheng said that exceptional items could amount to about $110 million. He said this reflected an impact of $8 million from industrial disruption last year on the West Coast of the United States; $14 million additional write-down of goodwill; restructuring and severance costs of $37 million; provision of $33 million relating to losses from the sale of subsidiaries either realized or pending, including write-down of software; and $18 million for diminution of asset values, including vessels. The exceptional items have a cash impact of $50 million with $60 million being non-cash in nature. “Our preliminary estimate of the results for the full year 2002 while worse than expected, is unlikely to exceed $335 million,” he said. Cheng emphasized that NOL has a strong asset base and positive operating cash flow. Cheng said the full year results for 2002 will be announced around end February 2003.
Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1242 sec (8 req/sec)