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Harry Suhartono & Kevin Lim
Neptune Orient Lines, one of the world’s largest container shipping firms, on Thursday reported a smaller-than-expected second quarter loss as the drop in cargo volumes slowed.
The shipping liner, 67.4 percent owned by Singapore state investor Temasek Holdings, said it expects to post a “significant” full-year loss, notwithstanding the cost saving measures that have already been taken.
The company posted a second-quarter net loss of $146.2 million, compared with a net profit of $75.8 million a year ago. The quarterly loss was smaller than the consensus estimate of $245 million.
Analysts polled by Reuters Estimates expect the company, which has a market capitalisation of $3.04 billion, to report its first annual loss since 2002 of $515.61 million this year.