P&O Steam Navigation's 3Q Profits Jump

UK shipping company Peninsula & Oriental Steam Navigation Co Plc said on Thursday its 50 percent owned P&O Nedlloyd joint venture had shown a big jump in third quarter operating profits and the outlook was positive.

P&O Nedlloyd's operating profits were $75 million, up $59 million from the third quarter of 1999. P&O also said its P&O Stena Line achieved headline profits of 19.8 million pounds in the third quarter of 2000, up from 14.6 million in the same period of last year.