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NOL posts net loss of US$54m in Q2

The shipping and logistics giant cites persistent, difficult trading conditions.

SINGAPORE: Singapore-based shipping and logistics giant Neptune Orient Lines has reported a net loss of US$54 million in the second quarter of 2014, on the back of what it said were persistent, difficult trading conditions.

However NOL said it continued to make gains at the operating level, taking its second quarter core Earnings Before Interest, Taxes and Non-Recurring Items - to a loss of US$15 million. That is a year-on-year improvement of 52 per cent.

Revenue, meanwhile, slipped 1 per cent to US$2.05 billion. NOL says its business units have continued to make gains in improving costs and efficiencies.

APL, the firm's container shipping business, recorded core EBIT loss of US$29 million, but this is a 29 per cent improvement over the same period last year. APL reported a second quarter revenue of almost US$1.7 billion, a dip of 2 per cent year-on-year.