ACL ANNUAL PROFIT UP DESPITE LOWER CONTAINER RATES
Atlantic Container Line posted a 17-percent increase in pretax profit to
316 million Swedish krona ($40 million) last year, despite weakness in
transatlantic container rates.
The company said its container volume last year slipped 3 percent, while
roll-on/roll-off volume rose 1 percent and automobile volume increased 10
percent.
ACL said average rate levels in U.S. dollars were 6 percent below 1997’s
levels, but that profit rose as a result of cost-cutting and improved
balance in east/west flows. Operating revenue was virtually flat at $2.43
billion krona.
ACL said it expects this year’s results to be lower because of falling
container rates, but that the line still expects to "financially outperform
its competition" and produce a "satisfactory" profit.