HONG KONG, Mar 12 (GCTL) - Orient Overseas (International) Ltd (OOIL) and its subsidiaries (the Group) announced a massive 90.27 plunge in profit attributable to shareholders for 2011 of US$181.6 million, compared to a profit of US$1,866.8 million in 2010 which included the US$1,004.6 million profit on the sale of the Group’s former PRC property development business.
Stripping the US$1,004.6 million from the property sale, the group had a loss of US$823 million for 2011. With the lack of profit in OOIL's shipping arm, Orient Overseas Container Line (OOCL) in the second half of 2011 and the difficult trading environment expected in 2012, the group's directors did not recommend payment of a final ordinary dividend for 2011.
OOIL chairman C C Tung, said, “While we started 2011 believing that the extremes of 2009 and 2010 were behind us and that we had a period of steady growth ahead, trading conditions in the container transportation industry over the past year became increasingly difficult. While overall global demand levels grew, the slow rate of economic growth in the United States and in Europe saw only muted volume growth for container trade to those markets. Demand growth proved inadequate for the orderly absorption of new-build capacity that delivered during the year.”
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Category : Maritime Greater China
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