OOIL's H1 profit down 33% to $116.8m

Tough market conditions at the beginning of the year saw Hong Kong's OOIL first half profit fall a third to $116.8m from $175m in the previous corresponding period, Seatrade Asia online reports.

The poor profits would have been worse if not for dividends from Hui Xian Holdings amounting to $42.6m and  a $5.0m upward revaluation of the property, Wall Street Plaza.

Revenue rose 6.9% to $3.1bn from $2.9bn previously. Operating costs rose to $2.8bn from $2.5bn in the first half of 2011, while total lifting for the first half of the year increased by 6.1%.

"The first half of 2012 has been challenging with very low market freight rates at the start of the year, low demand growth on the east-west trades, and a spike up in bunker fuel prices in early January," OOIL said in its results statement.