NOL reports Q3 net loss

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Luisa Cheshire

BY LUISA CHESHIRE

NOL reports Q3 net loss

Singapore global shipping and logistics firm NOL Group has announced losses for the 2011 third quarter in line with the industry trend

NOL reports Q3 net loss

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Singapore's NOL Group has announced a net loss of US$91m for the third quarter of 2011 compared to a profit of US$282m in the same period last year.

The global container shipping and logistics provider said its APL Logistics business reported higher revenue and a 9 per cent year-to-date gain in Core EBIT (Earnings Before Interest and Taxes). But the container shipping business incurred losses in line with an industry-wide trend.

"The liner shipping industry is faced with slowing trade demand, excess capacity and fuel costs that are significantly higher than a year ago," said NOL Group CEO Ng Yat Chung in a statement. "Our urgent priority is to drive down costs and increase efficiency." 

NOL reported third quarter 2011 revenue of US$2.2bn, down 9 per cent from a year ago.

Through three quarters of 2011, NOL has a net loss of US$158m. 

 

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