Dutch Koninklijke Nedloyd Posts Net Profit of $15.4 Million

Dutch shipping and road transport group Koninklijke Nedlloyd Groep NV said on Thursday it had posted a net profit of 17 million euros ($15.4 million) in the first half of 2001, up from a loss of 10 million at the same time one year ago.

But the company, whose results are mainly determined by its 50 percent stake in the P&O Nedlloyd container shipping joint venture with Britain's P&O, added that full-year net profits were unlikely to match last year's 50 million euros ($45.5 million).

"P&O Nedlloyd is not immune to the decline in the world economy," company officials said.

Nedlloyd's second-quarter net profit grew to 12 million euros ($10.9 million) versus a profit of seven million in the same period of 2000. The firm's P&O Nedlloyd stake contributed 16 million euros ($14.5 million) in the second quarter, up from 12 million ($10.9 million) a year earlier.