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Singapore,
21 January 2003 – Neptune Orient Lines Limited (NOL) said today it had revised the full year outlook for its 2002 financial results.
“Our statement at the interim results in September that, although still recording a loss, we expected the second half of 2002 to be better than the first half remains correct at the operating level. However, exceptional items will significantly affect the overall bottom- line,” NOL Chairman Cheng Wai Keung said.
Mr Cheng said that exceptional items could amount to about US$110 million. He said this reflected an impact of US$8 million from industrial disruption last year on the West Coast of the United States; US$14 million additional write-down of goodwill; restructuring and severance costs of US$37 million; provision of US$33 million relating to losses from the sale of subsidiaries either realized or pending, including write-down of software; and US$18 million for diminution of asset values, including vessels. The exceptional items have a cash impact of US$50 million with US$60 million being non-cash in nature.
“Our preliminary estimate of the results for the full year 2002 while worse than expected, is unlikely to exceed US$335 million,” he said.
Mr Cheng emphasised that NOL has a strong asset base and positive operating cash flow.
Mr Cheng said the full year results for 2002 will be announced around end February 2003.
For more information
Sarah
Lockie Telephone No. (65) 6371 5022
Email: sarah_lockie@nol.com.sg
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