Singapore's Neptune Orient Lines (NOL) on Wednesday reported quarterly net profit almost tripled as higher container volumes offset rising fuel prices.
NOL, whose APL unit is the world's eighth-biggest container shipping firm, reported a net profit of $120.7 million for the three months ended March compared with $43 million a year earlier.
The Singapore firm said the business environment is expected to remain challenging, with cost pressures impacted by rising fuel prices.
Singapore state investor Temasek Holdings owns two-thirds of NOL.
NOL said on April 28 that it carried 13 percent more cargo in the four weeks to April 4 from a year ago while average revenue per container rose 15 percent.
NOL, whose APL unit is the world's eighth-biggest container shipping firm, reported a net profit of $120.7 million for the three months ended March compared with $43 million a year earlier.
The Singapore firm said the business environment is expected to remain challenging, with cost pressures impacted by rising fuel prices.
Singapore state investor Temasek Holdings owns two-thirds of NOL.
NOL said on April 28 that it carried 13 percent more cargo in the four weeks to April 4 from a year ago while average revenue per container rose 15 percent.