NOL Returns to Black, Sees Brighter 2000
Neptune Orient Lines (NOL) returned to the black in 1999 after suffering losses the previous two years, and CEO Flemming Jacobs said the shipping group could expect to sustain its profits in 2000. "There is no doubt that the turnaround is real. In the second half of 1999, we built profitability back into the business...but now there is no looking back," Jacobs said. For the year ended December 31, 1999, the national shipping company reported a net profit of $92.8 million, compared to a net loss of $246.8 million in 1998. Turnover grew 12 percent to $4.2 billion, largely due to improved operations. Barra Global Estimates has a consensus net profit forecast of $61.4 million for 1999. Jacobs said NOL, which would report its future earnings in U.S.
NOL Profits Are Up Sharply
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.
