Singapore-headquartered NOL reported a first half net profit of $41m, however, that included a $200m one-time gain from the sale of its headquarters. At a core EBIT level the company reported a $120m net loss down from $217m in the same period a year earlier.
NOL’s core liner shipping business under the APL brand reported an EBIT loss of $146m down from a $239m loss in the first half of last year.
“Weak demand coupled with an over-supply situation in the industry has continued to put severe pressure on freight rates. This has impacted revenue significantly,” said APL president Kenneth Glenn. “By maintaining a strong cost discipline, we achieved a better performance despite the deteriorating demand and freight rate environment. We expect that the realisation of our fleet renewal programme will further make significant improvements to our cost base.
Looking ahead to 2012 as whole NOL said it was “barring unforeseen circumstances” on track to achieve a better results than 2012 when it reported a net loss $419m. The company did not say if it expected to be profitable in 2013.
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