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Orient Overseas reports 90% plunge in 2011 net profit

Mar. 12, 2012 (China Knowledge) - Container shipper Orient Overseas (International) Ltd<0316>, Hong Kong's main container transporter and logistics service provider, announced today that its net profit dropped 90% year on year to US$181.6 million in 2011, due to a high comparison boosted by a one-time gain in 2010 and a decline in freight rates as a result of weakening demand for international trade.

The company's revenue decreased 0.3% year on year to US$6.01 billion last year.

No final dividend was declared for 2011.

Orient Overseas, controlled by the family of former Hong Kong Chief Executive Tung Chee-hwa, saw its cargo volume rise 5.6% year on year to 5 million TEUs but the average charge for moving a container fall 6.7% to US$1.10 last year. Load factor decreased to 76% in 2011 from 81% in 2010.

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