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SHIPPING giant Neptune Orient Lines (NOL) has continued its post-recession rebound by posting profits for a second straight quarter, spurred by improved demand and higher freight rates.
The world's fifth largest container shipping company recorded net profit of US$282 million (S$368.5 million) for the third quarter ended Sept 17, reversing a US$139 million loss a year earlier.
Revenue rose 55 per cent to US$2.4 billion in the third quarter, as demand for container shipping returned strongly on the back of an Asia-led global economic recovery.
After weathering the global recession, and a sharp downturn in trade, the Singapore-based shipping company shot back into the black in the second quarter with a US$100 million profit.
For the first nine months of its fiscal year, NOL now has a net profit of US$283 million, reversing a US$530 million loss over the same period last year.
This came on a sizzling 48 per cent jump in revenue to $6.65 billion.
NOL posts US$282m profit