Neptune Orient Lines (NOL) returned to the black in 1999 after suffering losses the previous two years, and top company officials said the shipping group expects to sustain its profits in 2000.
For the year ended Dec. 31, 1999, the company reported a net profit of $92.8 million, compared to a net loss of $246.3 million in 1998. Turnover grew 12 percent to $4.2 billion, largely due to improved operations.
NOL officials expect first-half 2000 performance to be better than second-half 1999, and 2000 earnings to be in line with last year's. Future growth will be generated mainly from the company's logistics operations, which accounted for nine percent of NOL's sales last year. Chartering accounted for 77 percent of total sales in 1999.