APL notches 60% growth in Q3 revenue

APL, the shipping business of the NOL Group has posted a 60 percent growth in revenue to US$2.2 billion for the third quarter compared to last year.

For the first three quarters, revenue was up 51 percent to US$5.9 billion compared to the same period in 2009, reported the Manila Bulletin.

APL's core EBIT in the third quarter was $301 million following a Core EBIT loss of $130 million in the third quarter of 2009.
Core EBIT through three quarters of 2010 was $314 million compared to a core EBIT loss of $502 million in the same period a year ago.

Third quarter volume for the shipping business increased 12 percent. Through three quarters, volume was up 29 percent.
“Volume and rates improved across most of our major trade lanes, and our ships were full,’’ said APL president Eng Aik Meng.

“At the same time, we were well-prepared with vessel capacity and container equipment to meet our customer commitments.’’

APL Logistics, NOL Group's supply chain management business,
reported third quarter revenue of $302 million, up 30 percent from a year ago. Through three quarters of 2010, revenue improved 31 percent to $880 million.

Core EBIT in the Logistics business was up six percent in the third quarter to $18 million. For the first three quarters of 2010, core EBIT improved 10 percent to $45 million.

“Volumes increased in most of our business lines and freight rates improved in international logistics,’’ said APL Logistics president Jim McAdam.

“The result has been a continuation of the revenue growth we've realised throughout 2010, indicating a return to pre-economic downturn levels.

Source: Cargonews Asia