OOIL remains in the black

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]

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