APL returns to profit in 2nd quarter
NOL, the parent of container line APL, eased into the black in the second quarter and posted first half operating profit of $40 million, the company said Friday.
In the first half of 2009, NOL suffered a $353 million operating loss. Its revenue increased 44 percent in the first six months of the year to $4.2 billion.
For the liner division, operating profit was $13 million, compared to the $372 million loss APL sustained in the first half of 2009. A strong second quarter overcame a slow start to 2010, with the line earning $114 in operating profit from April through June to offset $74 million in operating loss from January through March.
Revenue increased 46 percent to $3.7 billion. Container volume rose 39 percent to 2.7 million TEUs. Average revenue per TEU was $1,322, an increase of 11 percent.
'Continued strong container shipping volumes and improving freight rates have helped return us to profitability,' said Ron Widdows, NOL group president and chief executive officer. 'The result for this latest quarter reflects significant progress as we turn around our performance from the economic downturn of 2009.'