Orient Overseas' Shares Fall After Steep Decline in 2023 Earnings
By Tracy Qu
Shares of Orient Overseas (International) fell sharply early Friday after it reported a steep decline in its 2023 earnings.
The shipping company's shares fell as much as 17.8% and were recently down 15.2% at HK$101.50 in Hong Kong, taking this week's losses to 16.6%.
The company, which is primarily engaged in the container transportation and logistics business, on Thursday reported a 57.9% decline in revenue for 2023 at $8.34 billion. Its profit declined to $1.37 billion compared with $9.965 billion in 2022, a drop of 86%.
The shipping industry is returning to pre-pandemic conditions after robust demand and limited supply boosted revenue and profit during Covid-19.
"Looking ahead, the shipping market remains uncertain. The global economy seems to be recovering, but the pace may be slow and with uncertainties," the company said in the earnings statement.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
March 21, 2024 23:31 ET (03:31 GMT)
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