P&O Nedlloyd: Q1 2004 Update
AMSTERDAM (AFX) – Royal P&O Nedlloyd NV said it swung to a first quarter net
profit of 5 mln usd from a loss of 69 mln a year earlier, boosted by a 15 pct
rise in freight rates and a 7 pct increase in volume on a comparable basis.
The shipping company also went into the black at operating level, posting
profit of 21 mln usd against a loss of 58 mln a year earlier.
Chief executive Philip Green said: “The improvement of our financial
performance is encouraging in what is traditionally the weakest quarter of the
year.
“We continue to set our sights higher and we are determined to deliver a
further improvement in profitability during the course of this year.”
He said supply and demand for container shipping looks favourable for 2004
and, provided world trade continues to grow, the outlook for freight rates is
“positive and in line with our previous expectations.”
P&O Nedlloyd noted that the first quarter figures cover a period before the
restructured company’s listing on Euronext in Amsterdam on April 16 and
therefore do not include Martinair.
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