Hong Kong: Unlike many of its peers Hong Kong’s OOIL remains in the black for the first half of 2012, despite a dramatic one third fall in profits.
OOIL, parent of liner OOCL, saw profits slide 33% from $175m in the first half of 2011 to $116.8m this half.
The conglomerate’s property holdings helped prop up figures. Revenues grew 6.9% to $3.1bn.
"The first half of 2012 has been challenging with very low market freight rates at the start of the year, low demand growth on the east-west trades, and a spike up in bunker fuel prices in early January," OOIL said in a statement. [02/08/12]