Nedlloyd Posts Loss
Dutch shipping firm Koninklijke Nedlloyd Groep NV posted a first-quarter net loss of $15.4 million, but said it expected full-year results from ordinary activities to be "clearly positive." The shipping and road transport group, which holds a 50 percent stake in the P&O Nedlloyd joint venture with Britain's P&O, said its losses equaled those in the first quarter of 1999 and were largely due to strength in the U.S. dollar versus the euro. P&O Nedlloyd reported a first quarter pre-tax loss of $29 million versus a $36 million loss a year ago. "The figures are slightly better than expected, and they foresee some operational profit in the second quarter, but they say that nearly every year. But the share price hasn't really reacted to the figures," a trader said.
Nedlloyd Posts Loss
Dutch shipping firm Koninklijke Nedlloyd Groep NV posted a first-quarter net loss of 17 million euros, but said it expected full-year results from ordinary activities to be "clearly positive." The shipping and road transport group, which holds a 50 percent stake in the P&O Nedlloyd joint venture with Britain's P&O, said its losses equaled those in the first quarter of 1999 and were largely due to strength in the U.S. dollar versus the euro. P&O Nedlloyd reported a first quarter pre-tax loss of $29 million versus a $36 million loss a year ago. On Tuesday, P&O Nedlloyd announced that Tim Harris had resigned as director and chief executive. P&O director Robert Woods was appointed group managing director.
P&O Nedlloyd CEO Resigns
Tim Harris, a director and chief executive of Anglo-Dutch container shipping venture P&O Nedlloyd has resigned effective immediately. "There was a divergence of views between Tim and the rest of the board on issues relating to the future management of the group and he has therefore decided to pursue his career elsewhere," P&O Chairman Lord Sterling said. P&O director Robert Woods had been appointed by the joint venture as group managing director. The company also said Royal Nedlloyd's deputy chairman and chief financial officer, Haddo Meijer, had been appointed chairman of P&O Nedlloyd's executive committee.
