NOL Group today reported a 14% improvement in its first quarter 2014 Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items), narrowing its loss to US$65 million from a year ago, the company said in its press release.
The Group also reported positive Core EBITDA of US$33 million this quarter, compared to US$5 million in the same period last year. NOL attributed the improvement to its continuing focus on cost management and operational efficiency, which delivered US$80 million worth of cost savings in the first three months of 2014.
“Operating conditions in the first quarter had been difficult, with severe weather disruptions in Europe and North America. This compounded the challenges posed by continued excess capacity in the container shipping business,” said NOL Group President & CEO Ng Yat Chung. “Nonetheless, both our business units delivered better year-on-year operating results this quarter. Going forward, global economic prospects and trading conditions remain uncertain. Oversupply of shipping capacity will continue to exert pressure on liner freight rates. The Group aims to improve its financial performance in 2014, through its continued focus on cost discipline and drive for operational efficiency. We will also seek growth opportunities, particularly in our logistics business.”
NOL Group posted a first quarter 2014 net loss of US$98 million, compared to a US$76 million profit in the same period last year which included a US$200 million gain from the sale of the NOL headquarter building in Singapore.
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