Business News
Singapore shipper NOL narrows loss in first quarter
May 14, 2010, 14:36 GMT
Singapore - Singapore's Neptune Orient Lines (NOL), one of the world's biggest container shippers, on Friday said it has narrowed its net loss in the first quarter to 98 million US dollars, compared with a loss of 245 million US dollars posted a year earlier.
Revenue grew 36 per cent year-on-year to 2.1 billion US dollars, the company said.
'The result, while reflecting improvement, still is not satisfactory,' chief executive Ronald Widdows said.
NOL said it expected to return to profitability for the full year because the operating environment had improved with the global economic recovery since the company reported a net loss of 741 million US dollars for 2009.
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