OOIL group reports drop in profit

Orient Overseas (International) Limited, (OOIL) has reported a flat set of numbers for the first half of 2020, after recording a drop in net profit in the period.

Net profit for the group fell to USD 102 million in H1 against USD 139 million a year previously. Meanwhile, OOIL’s container transport and logistics business reported only a slight increase in EBIT to USD 158 million for the first half of the year, up from USD 153 million the previous year. Contributions from several of the group’s logistics companies were down in the period.

Bottom-line financial results for container activities are not given but revenue rose 3% to USD 3.1 billion. Total liftings fell 2.6% in the period while revenue per teu rose by 6%. Bunker costs were down by 11.3%.

OOCL said revenue increased on its Trans-Pacific, Asia-Europe, and Australasian trades, and was slightly down for its Trans-Atlantic business. Revenue per TEU increased for majority of the tradelanes as compared to 2019.

The OOIL group result, which does not include the Long Beach Termi- nal operation, was also penalised by an unspecified ‘Other’ USD 19 M loss, a turnaround from a USD 29 M gain the previous year.

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