Container shipper Orient Overseas (International) Ltd. (0316.HK) said Wednesday its fourth-quarter revenue jumped 42% from a year earlier, boosted by increased volumes and freight rates.
The company, controlled by the family of former Hong Kong Chief Executive Tung Chee-hwa, said its revenue for the three months ended Dec. 31 rose to US$1.52 billion from US$1.07 billion a year earlier, helped by a 19% increase in average revenue per 20-foot-equivalent unit, or TEU, reflecting higher rates. The company doesn't report fourth-quarter profit figures.
Orient Overseas' total shipping volume during the quarter rose 19% to 1.30 million TEUs from 1.10 million TEUs a year earlier.
The company's revenue rose 46% in 2010 to US$5.62 billion from US$3.84 billion a year before, while volumes rose 15% to 4.77 million TEUs from 4.16 million TEUs.
The company, controlled by the family of former Hong Kong Chief Executive Tung Chee-hwa, said its revenue for the three months ended Dec. 31 rose to US$1.52 billion from US$1.07 billion a year earlier, helped by a 19% increase in average revenue per 20-foot-equivalent unit, or TEU, reflecting higher rates. The company doesn't report fourth-quarter profit figures.
Orient Overseas' total shipping volume during the quarter rose 19% to 1.30 million TEUs from 1.10 million TEUs a year earlier.
The company's revenue rose 46% in 2010 to US$5.62 billion from US$3.84 billion a year before, while volumes rose 15% to 4.77 million TEUs from 4.16 million TEUs.