Peninsular and Oriental Steam Navigation Co. reported increases in profits
from its core divisions for the first half of the year, with the exception of liner and
bulk shipping businesses P&O Nedlloyd and Associated Bulk Carriers.
Group operating profit rose by 16 percent, to '260 million ($417 million),
from '224 million in the first half of 1998.
The group’s core divisions – cruise shipping, ferries and ports/logistics –
reported large increases in profits.
By contrast, cargo shipping activities, now considered as non-core businesses
by the group, saw operating losses widen to '24 million ($38 million) in the first half,
from '5 million in the year-earlier period. The P&O group’s loss from its 50-percent
share in P&O Nedlloyd was '13 million ($21 million), compared to '2 million deficit
in the first half of last year. Associated Bulk Carriers returned a deficit of '11
million ($17 million) from its bulk shipping business, as compared to losses of '3
million in the same period of 1998.
The ports/logistics division had a half-year operating profit of '42 million
($68 million), up 19 percent on the '36 million profit posted in the first half of last
year.
P&O said that it has started port operations at Nhava Sheva, India, and
moved into existing port businesses at Surabaya, Indonesia, and ITO Corp., U.S.
P&O REPORTS BETTER INTERIM RESULTS WITH EXCEPTION OF CARGO SHIPPING
P&O REPORTS BETTER INTERIM RESULTS WITH EXCEPTION OF CARGO SHIPPING
