APL turns in US$26m Q1 profit, reaping the benefit of being part of larger group

Singapore

THE benefits of being part of a larger group are showing in Singapore-headquartered container shipping line APL's first-quarter report card.

APL turned in a net profit of US$26 million for the three months ended March 31. This compares with a net loss of US$105.1 million posted by its then Singapore-listed parent, Neptune Orient Lines (NOL) for the year-ago period.

Chief executive Nicolas Sartini told The Business Times that one-half of this turnaround was accounted by cost savings reaped from being part of the larger CMA CGM group.

Marseille-based CMA CGM, which is the third-largest container shipping company…