Tuesday, August 12, 2014
Orient Overseas shifts to profits in first-half
Hong Kong-based Orient Overseas International Ltd turned around sharply to realize profits in the first half of 2014.
The container transport and logistics giant declared a profit attributable to shareholders of $181.3 million in the first six months of the year, compared with a $15.3 million loss in the same period of 2013.
Sales rose 7 percent to $3.2 billion.
Revenue at subsidiary Orient Overseas Container Ltd increased 4 percent year-over-year on a 10 percent 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 a statement Monday morning.
OOIL's results were above expectations, according to UOB Kay Hian Research shipping analyst Lawrence Li, who attributed gains in operating income to cost cutting and the firm's ability to charge a premium over its rivals due to well-integrated logistics.
For more of the South China Morning News story: scmp.com
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