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MO drops to £44.2m loss
Page 10
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• P&O, which is "well into the process of looking for a new owner" for its Trans-European logistics division, lost 244.2m in the six months to 30 June. compared with a profit of 290.4m in the same period last year. The losses are blamed on the downturn in container shipping.
The P&O Nedlloyd container division made a loss of 2,47.9m, which included 2.6m in restructuring costs. Although total throughput rising by 11%, average freight rates fell by 15% year-on-year. P&O says this was due to uncertainties in world trade and more new ships coming into the industry. Its chairman, Lord Sterling, warns of "further industry consolidation"—the company is thought to be seeking to reduce its interest in this sector.
Slower trading also affected P&O's Trans-European logistics division, with operating profit for the six months to 30 June down from 26.4m last year to 23.7m. Part of the fall was due to increased insurance and restructuring costs of more than 21m. The company adds that the business is continuing to grow, and it has also made cost efficiencies.
P&L says it is 'continuing to review the potential disposal of contract logistics and expects to make an announcement later this year".