Shipping and logistics group Neptune Orient Lines (NOL
) reported sharply higher interim net profit that met market expectations, helped by higher freight rates and lower interest expenses. Its net profit surged to $48.70 million from $8.43 million on the back of an eight percent increase in turnover to $2.19 billion.
Barra Global Estimates has a full year consensus forecast of S$215.6 million ($123.2 million)
Janice Chua, analyst at Vickers Ballas, had expected the first half to come in at S$80 million ($45.7 million).
Speaking at a news conference, NOL group president
and chief executive Flemming Jacobs said the operating results would
have been much better compared to the first half of 1999, except for a non-recurring gain a year ago.