NOL 3rd quarter profit drops 82%
NOL, the Singapore parent of ocean carrier APL, said Wednesday its third quarter profit fell 82 percent, compared with the same period in 2007, as slowing demand and high fuel costs took their toll.
NOL made $35 million in July, August and September, compared to $191 million in the same months in 2007. And things could get worse in the fourth quarter, NOL Chief Executive Officer Ron Widdows said at a press conference to announce the results.
“You haven’t really seen the effects yet of the pullback in manufacturing and what it portends on a global basis,” Widdows said.