P&O: Economic Slump To Affect Future Revenues
Thursday, August 16, 2001
P&O Nedlloyd said on Thursday that global economic slowdown was expected to affect future revenues, as the container shipping group posted a slight rise in second quarter operating profit.
P&O Nedlloyd - a joint venture between Peninsular & Oriental Steam Navigation Company Plc (P&O) and Koninklijke Nedlloyd Groep - said operating profit for the quarter rose to $46 million from $44 million a year ago.
Overall volumes rose four percent from last year, but the average revenue rate fell four percent.
"Slower growth in world trade and new capacity entering the market are expected to adversely impact future load factors and revenue," the group said in a statement.