NOL achieves turnaround in Q2

Singapore

SEVERE erosion in freight rates took its toll on container shipping firm Neptune Orient Lines (NOL) in the second quarter, which saw its liner business post a pre-tax loss even as it said in a press release on Thursday that its liner strategy was "gaining traction".

Though the group was overall profitable in the second quarter, most of its earnings came from gains on the sale of its logistics arm APL Logistics, which was completed in Q2.

Net profit stood at US$889.5 million for the three months ended June 26, a reversal of the net loss of US$53.74 million the previous year. However, stripping out the US$887 million gain on the disposal of APL Logistics, net profit would have been around US$3 million, the grou…