Singapore's NOL Q1 Net Loss Narrows

Posted by Joseph Keefe
Wednesday, May 14, 2014

Container shipper Neptune Orient Lines Ltd posted a net loss of $97.9 million for the quarter ended April 4, a narrower loss from the previous quarter.

NOL, in which Singapore's state investor Temasek Holdings has a 67 percent stake, recorded a net profit of $75.5 million for the first quarter of 2013, which was a result of one-off gain on selling its corporate headquarter in Singapore.

The company posted a 4 percent drop in revenue to $2.3 billion.

"Oversupply of shipping capacity will continue to exert pressure on liner freight rates," NOL said in a statement. "The group aims to improve its financial performance in 2014, through its continued focus on cost discipline and drive for operational efficiency."

 

Reporting by Rujun Shen

Maritime Reporter September 2014 Digital Edition
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