Tuesday, November 11, 2008

Daily news - 11 Nov

Dip in NOL cargo on falling demand
Neptune Orient Lines yesterday said that it carried less cargo in the four weeks to Oct 17 as falling demand on transpacific and Asia-Europe routes offset growth in intra-Asian shipping. NOL, the world's seventh largest container shipper, moved the equivalent of 186,500 forty-foot containers (FEUs) in the four weeks to Oct 17, down from 188,500 FEUs a year ago. The volume was also below the 204,000 FEU carried in the preceding four weeks. The average revenue per FEU during the four weeks to Oct 17 rose by 9 per cent to US$3,186 from US$2,916 a year earlier, said NOL. The Singapore firm, which is 66 per cent held by investment company Temasek Holdings, last month posted an 82 per cent fall in third quarter net profit and said that it will likely incur an operating loss this quarter.

Noble reports 145% jump in Q3 profit
Noble Group unveiled strong increases in earnings and turnover for the third quarter as it saw big jumps in its agriculture and logistics segments. Net profit for the three months ended Sept 30 rose 145 per cent to US$148.8 million, from US$60.6 million a year ago. Revenue rose 66 per cent to US$9.4 billion, from US$5.6 billion. And earnings per share rose to 4.51 US cents from 1.95 US cents. 'In the past quarter, the many challenges to the financial community have raised questions in turn as to the health of the corporate sector,' the group said. 'Noble's financial position has never been stronger.' Cash levels are at a record and about 70 per cent of debt funding has maturity dates beyond 18 months to seven years, the company said. Noble's cash and cash equivalents at the end of Q3 were US$1 billion. The group had secured and unsecured borrowings of US$3.1 billion.

Source: Kim Eng

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