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NOL narrows loss in Q1 by cutting costs
LOWER liner revenue left shipping firm Neptune Orient Lines (NOL) mired in red ink for its first quarter, though it said it managed to alleviate some of that by cutting operational costs.
Its net loss narrowed to US$10.78 million for the three months to April 3 compared with a loss of US$97.94 million the preceding year, the group said in a Singapore Exchange filing on Thursday.
Those earnings figures factor in both its loss-making liner business and its profitable but discontinued logistics business, which NOL agreed to sell in February this year.
Turnover fell 16 per cent to US$1.58 billion in the period, which the group said was due to lower liner revenue from planned capacity cuts, void sailings and low freight rates.
NOL's loss per share from its liner business was 1.40 US cents for Q1, smaller than the loss per share of 4.79 US cents the previous year. The discontinued logistics business made earnings per share of 0.98 US cent for Q1 and 1.00 US cent last year.
Group net asset value per share was 66 US cents as at April 3, marginally less than 67 US cents as at Dec 26.
NOL shares dipped a cent to S$1.105 before its results were released.