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STOCKS NEWS SINGAPORE-Index flat, NOL falls after Q4 results

Source : REUTERS
Last Updated: Mon, Feb 25, 2013 05:00 hrs

Singapore shares were little changed, but Neptune Orient Lines Ltd (NOL) fell to the lowest in around 1-1/2 months after the container shipping firm posted a loss for its fourth-quarter earnings.

The Straits Times Index was flat, in line with MSCI's broadest index of Asia-Pacific shares outside Japan .

Shares of NOL dropped as much as 2 percent to S$1.20 on Monday, the lowest since Jan. 7. The stock has gained nearly 5 percent since the start of the year.

NOL posted a net loss of $98 million for its fourth quarter, narrowing from a $320 million loss a year earlier. OCBC Investment Research said it was disappointed by the result, as continued weakness in demand on the Asia-Europe and intra-Asia routes negated higher freight rates.

But DBS Vickers said the worst is likely to be over for NOL, and 2013 fiscal year earnings are likely to benefit from lower cost base and better industry discipline.

1246 (0446 GMT)

(teo.jionchun@thomsonreuters.com)(+6564035659)(Reuters Messaging: teo.jionchun.thomsonreuters.com@reuters.net))




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