Shares of Neptune Orient Lines (NOL) fell as much as 3.1% today after the company reported a loss much wider than expected in its third quarter hurt by a drop in freight rates, and warned of a possible full-year loss.
At 11:27 a.m., shares of NOL were down 1.75% at $1.12 with 4.1 million shares changing hands.
NOL posted a quarterly net loss of $91 million, compared with a net profit of US$282 million ($354 million) a year ago. Analysts, on average, were expecting a US$48.4 million loss.
“NOL’s worse-than-expected net loss is the result of weak freight rates and high bunker fuel prices,” said OCBC in a statement.
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