NOL suffered US$85.2m operating losses in 1Q13

Are cost cutting moves taking effect?

According to OCBC, Neptune Orient Lines's (NOL) 1Q13 results disappointed with a larger-than-expected core operating loss.

Nonetheless, the figures marked a vast improvement over the same period a year ago. Revenue stayed relatively flat at US$2.37b (-0.3% YoY).

Here's more from OCBC:

Core operating losses narrowed to -US$85.2m from -US$233m a year ago following thesuccess of the cost cutting initiatives implemented last year.

The liner was helped by relative stability in terms of overall freight rates during the quarter, which helped to offset continued weakness in demand on the Asia-Europe trade route. Excluding the one-off gains of US$200m from the sale of its HQ, NOL would have recorded a net loss of US$120.1m (1Q12: -US252.5m).