Singapore: The head of NOL said there’s “more to do” today when describing the group’s financial position. NOL posted a second quarter net loss of $54m.
“The group put in an improved performance despite the persistent, difficult trading conditions. We have more to do, but both business units have continued to make gains in improving our costs and efficiencies,” said NOL group president and ceo Ng Yat Chung.
NOL’s containerline APL, which recorded a net loss of $29m for the quarter, said it was returning more of its less efficient and expensive chartered tonnage. APL president Kenneth Glenn cited reduced revenue and higher operating costs as reasons for the ongoing losses. [07/08/14]