Poor showing by NOL's liner business hits Q2

NEPTUNE Orient Lines (NOL) posted a second-quarter net loss of US$53.7 million, 55 per cent worse than the US$34.6 million loss it incurred last year, owing to poor performance from its liner business. This is the third straight quarter that the group is in the red.

The April-June quarter also saw a US$33 million rise in finance expenses. NOL said this was mainly due to realised gains from financial hedging instruments in Q2 2013.

The Singapore shipping group's revenue for the three months ended June 27 June dipped one per cent to US$2.05 billion from the US$2.06 billion last year, mainly due to decrease in liner revenue from lower volume.