[ P&O Nedlloyd Results Its Profit USD 30m. for 3rd Quar... ]

P&O Nedlloyd Results Its Profit USD 30m. for 3rd Quarter 1998

Operating profit of USD30m for 3rd Quarter 1998 of P&O Nedlloyd was 20
% up on the comparable result of USD25m for the same quarter in last y
ear. This compares to an increase of 11% in throughput and a reduction
of 4% in average revenue per teu. This clearly demostrates that signi
ficant cost savings are being achieved. The increase in interest, mino
rities and other items for 3rd quarter 1998 compared to the same quart
er 1997 largely reflects the financing cost of new ships.
In effect this shows that increased volume and cost savings fully offs
et reduced rates, higher interest charges and the cost of Asia.