Nedlloyd report loss of 50 million

In the first quarter of 2002 Nedlloyd achieved a result on ordinary activities of Euro 50 million, representing a deterioration of Euro 55 million compared to the same period last year. (5/9/2002)

The share in the results of the non consolidated participations of P&O Nedlloyd and Martinair together amounted to Euro 50 mln (first quarter 2001: Euro 4 mln).

In the first three months of the year, seasonally the least favorable quarter, P&O Nedlloyd’s operating result decreased by US dollar 99 mln to US dollar 68 mln compared to the same period last year.

Compared to the same quarter in 2001 the average revenue rate per Teu declined by 17%. This decreasing average revenue rate was caused by the overcapacity in the industry that arose in 2001.

However, the average cost per Teu was brought down significantly by the successful implementation of the cost savings programmes.

The net result of Martinair in the first quarter of 2002 amounted to Euro 3 mln, an improvement of Euro 4 mln compared to the same period last year.