Singapore-based Neptune Orient Lines Group today reported profit in the third quarter was $50 million, up $141 million from the $91 million net loss posted in the same quarter last year.
This is the first report of a net profit since the fourth quarter of 2010, the APL parent said.
In the first nine months of 2012 NOL recorded a loss of $321 million, compared with last year’s loss of $158 million in the same period.
NOL expects a loss for the full year, as the container shipping industry continues to face overcapacity and high fuel prices.
Quarterly revenue was $2.30 billion, up 4 percent year-over-year from $2.21 billion in the third quarter of 2011. Revenue from January to September was $7.01 billion, increasing 3 percent year-over-year from $6.81 billion.