Neptune Orient Lines reports widening of Q4 loss, on lower liner revenue and freight rates
THE sea of red ink deepened at Neptune Orient Lines (NOL) in the fourth quarter as liner revenue declined and freight rates fell.
The container carrier saw net loss for the three months to Dec 27 widen 51 per cent to US$137.18 million (S$173 million) from US$91.11 million in the previous year. Revenue fell 7 per cent to US$2.334 billion, from a restated US$2.499 billion.
The fall in liner turnover was due to capacity management measures, said NOL.
Still, net loss shrank sharply for the full year to US$76.3 million - 82 per cent less than the restated net loss of US$412.5 million previously.