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Singapore's container shipping firm profit down 84% in 2008
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07:56, February 11, 2009

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Singapore's container shipping and logistics group Neptune Orient Lines (NOL) Tuesday posted a net profit drop of 84 percent in 2008 compared to 2007.

The company said in a statement that its net profit for 2008 was 83 million U.S. dollars, 84 percent lower than 2007.

The group said its earnings before interest and tax was 213 million U.S. dollars in 2008, down by 64 percent from the previous year.

For the fourth quarter of 2008, the company reported a net loss of 149 million U.S. dollars.

Revenue for the year rose 14 percent to 9.3 billion U.S. dollars compared to 2007.

Ron Widdows, NOL's president and chief executive officer, said in the statement that the results show the impact of a severe market downturn in the latter part of 2008, caused by reduced consumer confidence and significant restructuring costs.

"Though we recognized early the pattern of decline in market conditions, and took decisive action to reconfigure our business, the adjustments could not fully counter the speed and dramatic nature of the downturn being experienced in global container trades," said Widdows.

Source: Xinhua

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