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OOIL works up to $296m full-year profit

OOIL works up to $296m full-year profit
Hong Kong: Hong Kong's Orient Overseas (International) Ltd reported a 63% rise in net profit to $296.4m despite a "very difficult operating environment".

Revenue rose from $6.01bn in 2011 to $6.46bn last year as it managed to managed to raise revenue from its container business by 6.7% to $5.89bn amid a 3.7% rise in liftings to 5.22m teu and improved freight rates.

The company was also able to control bunker costs through its move towards scale and efficient running of its ships. Total bunker costs stayed flat even though liftings rose.

Looking ahead OOIL said "the immediate outlook for 2013 remains difficult" and it expects "a protracted period of low economic growth". Liner operators were urged to maintain discipline to find a balance between service and profitability.

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