NOL Group reported net profits of US$20 million for the third quarter of 2013, and year-to-date net profits of US$61 million. The Group posted year-to-date Core EBIT improvement of 33% or US$42 million, from a US$127 million deficit in the same period last year.

Singapore-based NOL attributed the better showing so far this year to its continuing focus on operational efficiency and cost management. Its two operating companies " APL and APL Logistics " both delivered better 2013 year-to-date performances at the Core EBIT level compared to the same period in 2012.

This is one of the weakest peak seasons we have seen in recent years, characterised by depressed freight rates and industry over-capacity, said NOL Group CEO Ng Yat Chung. Nevertheless, our business units delivered encouraging results. We improved our operational performance significantly from last year. Our focus on operational efficiencies is putting us in good stead for the long term.

The Group's Core EBIT in the third quarter of 2013 was US$22 million, compared to a Core EBIT of US$80 million in the same quarter a year ago. Its net earnings of US$20 million this quarter is down from the US$50 million recorded in 3Q 2012.