NOL posts Q3 net loss of US$23m

Container shipping still a drag; cost-efficiency slashes YTD core Ebit loss

Published Fri, Oct 31, 2014 · 09:50 PM
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NOL Group's dismal financial performance continued as it announced another loss-making quarter on Friday - marking the fourth straight quarter that the group was in the red.

The group reported a third-quarter 2014 net loss of US$23 million, compared to the US$20 million profit it made a year ago, as its container shipping business continued to weigh it down. The group announced loss per share of 0.89 US cent, compared to the earnings of 0.77 US cent per share it made last year.

For the three months ended Sept 19, NOL's revenue of US$2.06 billion was unchanged from last year's levels. APL, NOL's container shipping business, registered lower revenue for the quarter at US$1.7 billion, a year-on-year dip of 2 per cent due to freight rate pressures and lower cargo volumes. APL said volumes were partly impacted by port congestion issues in Southern California, which has also caused a significant increase in operat…

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