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Cost-cutting scheme works for Nedlloyd

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ROTTERDAM-based Royal Nedlloyd Group has recorded a profit of 43 million Dutch guilders (about HK$189 million), excluding non-recurring items, for the three months to September 30.

The figure was up six million guilders on the same period last year.

Net group profit for the first nine months was 78 million guilders, compared with a loss of 78 million guilders in the same period last year, excluding non-recurring items.

Third-quarter turnover of 1.65 million guilders was slightly lower than the 1.67 million recorded a year earlier.

However, excluding the effects of the termination of activities and a lower US dollar-guilder exchange rate, turnover improved by about five per cent.

Third-quarter operating profit from ocean shipping was 24 million guilders, down from 37 million guilders a year earlier.

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