NOL Q3 profit plunges 60% to US$20m

NEPTUNE Orient Lines (NOL) reported a decline in third-quarter net profit of 60 per cent to US$20 million on the back of lower freight rates and volume.

This was US$30 million less than the US$50 million net profit it posted for the corresponding quarter last year.

The mainboard-listed company also saw its revenue for the quarter ended Sept 20, 2013, decline 10 per cent to US$2.06 billion.