OOIL turns around to a US$181m profit
Earnings at Hong Kong-listed Orient Overseas (International) Ltd (OOIL) turned around sharply in the first half of the year.
Earnings at Hong Kong-listed Orient Overseas (International) Ltd (OOIL) turned around sharply in the first half of the year.
The container transport and logistics giant declared a profit attributable to shareholders of US$181.3 million in the first six months, compared with a US$15.3 million loss in the same period last year.
Sales rose 7 per cent to US$3.2 billion.
Revenue at subsidiary Orient Overseas Container Ltd (OOCL) rose 4 per cent over the same period last year on a 10 per cent increase in lifting and a higher load factor.
“The first six months of 2014 saw a robust growth in cargo demand in the major European and American markets,” OOIL said in its results statement on Monday morning.