P&O Nedlloyd Announces First Quarter Results

P&O Nedlloyd made an operating loss for the quarter, traditionally the weakest of the year, of $68 million which compares with an operating profit of $31 million in Q1 2001; volumes were 9 per cent higher than in Q1 2001; average revenue rates were 17 per cent down on the same period last year; cost saving programmes have already contributed significantly to the reduction in unit costs compared to Q1 2001 and the new $350 million savings programme is on track to make a further impact later this year and in 2003; there are early signs that the reduction in revenues rates has bottomed out but pressure from industry over capacity will remain.