P&O profit Drops; 2003 Outlook is Brighter

Thursday, March 06, 2003

Peninsular & Oriental Steam Navigation Co. (P&O) reported a big drop in profits, but forecast a "significantly improved" 2003, according to wire reports. Pre-tax profits before exceptional charges fell 94 percent $14.7 million in 2002, but was a big exceptional loss that caused the company to post a net loss of nearly $250 million (179.9 million pounds).

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