Neptune Orient Lines (NOL) reported a net profit of $187m for the first half of 2006, down 52% from the same period of 2005. The company posted a second quarter net profit of $67 million, 66% lower than in 2005. NOL Chairman Mr Cheng Wai Keung, said: “After record financial performances in the past three years, we are now in a more challenging business environment, which is reflected in reduced earnings for the first half of 2006. “Business conditions for both our liner and logistics segments have become more difficult. 1H 2006 total Group revenues rose slightly year-on-year to $3.52b, while the Group’s Core Earnings Before Gross Interest Expense, Tax and Non-Recurring Items (EBIT) of $227m was down 47% from the corresponding period of 2005.