Singapore's NOL Q1 net profit almost triples
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.