New vessel to boost income for NOL arm

Neptune Orient Lines' Philippine cargo unit says it expects net income to quadruple this year as a new ship and higher freight rates boost revenue.

Lorenzo Shipping Corp projected profit to reach 159.1 million pesos (about HK$46.93 million), or 0.53 peso a share, from 37.4 million pesos in 1995. Revenue will climb to 853.8 million pesos from 1995's 470.43 million pesos.

Revenue in the first quarter was 165.44 million pesos, a 53 per cent increase from the same period a year ago. Income before taxes was 29.5 million pesos.