A lighter shade of red for NOL
The Singapore-based NOL Group reported a core loss of USD 120 million before interest, taxes and non-recurring items in H1/2013. Whilst the group's result remains in the red, this marks a 45% year-on-year improvement, or USD 97 million, in the key profitability measure, despite the fact that market conditions worsened in Q2/2013 compared to the year before.
NOL attributed the improvement to a continuing focus on operational efficiency and cost management. The company said that it has achieved USD 240 million cost savings through its drive to increase efficiency levels. Efficiencies were also influenced by higher productivity at terminals and reduced empty repositioning.