P&O Port Business Is Strong

Wednesday, July 18, 2001
Peninsular & Oriental Steam Navigation Company Plc (P&O) said its ports business remained robust during the second quarter despite slower growth in world trade. But analysts said P&O's trading update confirmed its ports division's 10 percent internal growth for the quarter on a year ago was still below the company's target annual rate of 16 percent growth for the 12 months to December 31, 2001. P&O's ferries business found conditions tough in the quarter, raising the prospect that some analysts might trim full-year earnings forecasts on the back of less-than-expected ports growth and deteriorating ferries and container markets. "The ports business is showing some robust growth as they would say, but it's undoubtedly slowing and it's below their targets," UBS Warburg analyst Raymond Maguire told Reuters. "Ferry (business) continues to deteriorate and they are losing market share and the major concern for the interim financial results in September is the deteriorating container market," Maguire said. He said the risk for earnings was on the downside, but he put a floor for the share price at about book value of 230 pence. According to Multex Global Estimates, the median of analysts' full year pre-tax profits forecasts is $342 million. UBS Warburg has pegged its P&O pre-tax profits forecast at about 235 million pounds. - (Reuters)
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

India to Develop Iran's Chabahar Port

India will float a company to develop Iran's Chabahar Port, a government statement said on Saturday, as New Delhi aims to take advantage of a thaw in Tehran's relations with world powers.

Long Beach Port Adds ‘Free Time’ for Cargo to Ease Congestion

The Port of Long Beach will add an extra three days to the time that overseas import containers can remain on the docks without charge, in order to grant some

ITIC Measures against Ebola

The International Transport Intermediaries Club (ITIC) has issued the following general advice related to the outbreak of Ebola. Vessels that have recently

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.1768 sec (6 req/sec)