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Orient Overseas (International) sees 33% drop in H1 profit

Aug. 2, 2012 (China Knowledge) - Orient Overseas (International) Ltd<0316>, Hong Kong's main container transporter and logistics service provider, has announced that its net profit fell 33% YoY to US$117 million in the first half of this year, due to lower freight rates and higher fuel cost.

Earnings per ordinary share for H1 were 18.6 US cents, down from 28 US cents from the same period of 2011. The company has declared an interim dividend of 4.66 US cents, down from 7 US cents from a year earlier.

The company saw its revenue rise 6.9% YoY to US$3.12 billion in the first six months.

Orient Overseas (International), controlled by the family of former Hong Kong Chief Executive Tung Chee-hwa, said earlier that its net profit in 2011 was US$181.6 million, down sharply from a net profit of US$1.87 billion in the previous year.

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