NOL Cuts Losses Despite Difficult Trading Conditions
NOL Group today posted a 2Q 2014 net loss of US$54 million. Nevertheless, the Group has continued to make gains at the operating level, bringing its 2Q 2014 Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss down to US$15 million, a year-on-year improvement of 52%.
The Group also improved its Core EBITDA this quarter, doubling it to US$78 million compared to US$39 million in the same period last year. NOL attributed the better results to its continuing focus on cost management and operational efficiency, which returned US$115 million worth of cost savings in the second quarter of 2014. Along with US$80 million recorded in the first quarter, this brings its total savings so far this year to nearly US$200 million, adding to the almost US$1 billion accrued in the preceding two years.
“The Group put in an improved performance despite the persistent, difficult trading conditions. We have more to do, but both business units have continued to make gains in improving our costs and efficiencies,” said NOL Group President & CEO Ng Yat Chung.