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Better second half stems losses at OOIL

Better second half stems losses at OOIL

Hong Kong: Orient Overseas International Limited, parent of containerline OOCL, reported full year results heavily in the red today, but still performing better than its peers. The Hong Kong containerline recorded a 2009 net loss of US$402m, compared to 2008's $114m net profit.
While the second half was far stronger than the first six months results were depressed by a $25m loss from discontinued operations related to its property development business and a $10m revaluation loss on Wall Street Plaza.
The sales proceeds and associated disposal gains from OOIL's sale of its property development arm OODL were not included in 2009 accounts as the announcement was made on 18th January 2010 but will impact 2010 results.
Revenue fell 32% year-on-year, better than 1H09's 35% revenue decline and rose 11% half-on-half.
Compared to 1H09, 2H09 container volumes rose 8% but average freight rates inched up by only 2%.  [19/03/10]



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