Govt and politicians should not be in business. Leave business to the entrepreneurs. Govt must just be law makers make laws to facilitate businesses but not go into business to compete with businessmen and private enterprises
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Chitchat NOL Makes Profit in 1st Qtr
- Thread starter ckmpd
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Govt and politicians should not be in business. Leave business to the entrepreneurs. Govt must just be law makers make laws to facilitate businesses but not go into business to compete with businessmen and private enterprises
Where is Ng Yat Chung that fat bastard now? Which company is he ruining next??? This kind of retard ex paper general with no fucking experience becomes a CEO, is he ashamed of his own results?
[h=1]Shipping firm CMA CGM upbeat as profits rise again[/h]Container shipping line CMA CGM posted higher first-quarter profits, helped by a turnaround at recently acquired NOL, and gave an upbeat assessment for the current quarter in another sign that the shipping industry is emerging from a slump.
The French-based group reported on Friday a first-quarter net profit, including Singapore-based NOL which it consolidated in June last year, of $86 million compared with a $100 million loss in the same period of 2016.
This was also above the $45 million net profit it recorded in the previous quarter when the privately held firm returned to profit after heavy losses earlier in 2016 during a severe downturn in container shipping.
Vessel overcapacity and tepid economic growth have eroded freight rates in recent years, contributing to the collapse of South Korea's Hanjin Shipping in 2016 and triggering consolidation moves, including CMA CGM's $2.4 billion takeover of NOL.
Market leader Maersk Line (MAERSKb.CO) and German rival Hapag-Lloyd (HLAG.DE) reported first-quarter losses last week but each pointed to improving demand that was expected to boost earnings in the rest of the year.
CMA CGM, the world's third-largest container line, said in its results statement that it was confident operating profits would rise further in the current quarter, citing healthy volumes and a "continued improvement in freight rates".
The family-owned group's core earnings before interest and tax (EBIT) reached $252 million, up from $3 million a year earlier and $193 million in the previous quarter. The group EBIT margin rose to 5.5 percent from 4.2 percent in the prior quarter.
A net profit of $26 million for the former NOL business represented a first quarterly net profit for NOL since 2011, CMA CGM said.
Group sales rose 35.9 percent from the year-earlier period to $4.62 billion. Volumes increased by 34.2 percent overall, but excluding NOL fell by 2.2 percent, reflecting a focus on profitable growth, CMA CGM said.
Unit costs fell again, despite higher fuel prices, the company said, without giving figures.
CMA CGM is aiming to reduce its overall costs by $1 billion in an 18-month plan that runs to the end of 2017, and has also pledged significant synergies from the integration of NOL.
The French-based group reported on Friday a first-quarter net profit, including Singapore-based NOL which it consolidated in June last year, of $86 million compared with a $100 million loss in the same period of 2016.
This was also above the $45 million net profit it recorded in the previous quarter when the privately held firm returned to profit after heavy losses earlier in 2016 during a severe downturn in container shipping.
Vessel overcapacity and tepid economic growth have eroded freight rates in recent years, contributing to the collapse of South Korea's Hanjin Shipping in 2016 and triggering consolidation moves, including CMA CGM's $2.4 billion takeover of NOL.
Market leader Maersk Line (MAERSKb.CO) and German rival Hapag-Lloyd (HLAG.DE) reported first-quarter losses last week but each pointed to improving demand that was expected to boost earnings in the rest of the year.
CMA CGM, the world's third-largest container line, said in its results statement that it was confident operating profits would rise further in the current quarter, citing healthy volumes and a "continued improvement in freight rates".
The family-owned group's core earnings before interest and tax (EBIT) reached $252 million, up from $3 million a year earlier and $193 million in the previous quarter. The group EBIT margin rose to 5.5 percent from 4.2 percent in the prior quarter.
A net profit of $26 million for the former NOL business represented a first quarterly net profit for NOL since 2011, CMA CGM said.
Group sales rose 35.9 percent from the year-earlier period to $4.62 billion. Volumes increased by 34.2 percent overall, but excluding NOL fell by 2.2 percent, reflecting a focus on profitable growth, CMA CGM said.
Unit costs fell again, despite higher fuel prices, the company said, without giving figures.
CMA CGM is aiming to reduce its overall costs by $1 billion in an 18-month plan that runs to the end of 2017, and has also pledged significant synergies from the integration of NOL.
So, in other words, there was a $186 million turnaround in one year by CGM CGA of the NOL business. NOL was losing $100 million the year before they sold to the French and then the French turned it into a $86 million profit. If the PAP scholar genital Ng Yat Chung was so talented, then why can't he do the same thing?
There was no talent in the first place.
Yep, there is no talent in the whole fucking
place. There is more talent here in Sammyboy then there is in the whole PAP.
it is a rude surprise to Temasek that CMA CGM is able to turn NOL into profitability immediately which Ng Yat Chung cant for 5 years, bleeding NOL badly
Waiting for a minister to help explain this ......
Wld a talented person work for a clown ?
the pap ministers will pretend nothing happened and wish this NOL saga gets forgotten quickly. Can Workers Party raise this in Parliament?
Why not you helm the steer?
Minister Shan is busy with the $19,000 AGM at One Canberra, donch disturb him. These kind of $100 million problems, he will get round to it, ok? He is paid multi million $ salary, donch question his prioritizing.
Not likely, they are PAP lite.
if you have worked elsewhere in this world u will realise this. Worse are the civil servants.
Sinkees work like wearing horse blinkers. Head down, work hard, long hours and always bloody sweating on the small stuff. And they think that is commendable and deserve yearly raise. Never question the boss. Very rare see big picture.
Think we ought to exercise care in sizing up CMA CGM's consolidated(group) 1Q results.
Attributable to NOL business was $26mil.
Still doesn't alter the fact the frogs turned the red ink in less than 1 year, and 1st time ever since 2011.
http://www.reuters.com/article/us-cmacgm-results-idUSKCN18F1I9
A net profit of $26 million for the former NOL business represented a first quarterly net profit for NOL since 2011, CMA CGM said.
http://www.theindependent.sg/french-company-makes-nol-profitable-less-than-1-year-after-acquiring-it-from-spore/
The late GKS asserted that the scholars/civil service are not a good profitable mix with running a successful business.
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I hope WP will raise something at the next Parliament sitting
Do u trust CPIB or CAD to be impartial?
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