NOL posts 2008 profit after restructuring

The Group’s 2008 core pre-tax earnings stood at $213m, down 64% from the previous year, with the company reporting a net loss of $149m and a loss level of $45m for the fourth quarter of 2008, which included $72m of restructuring charges. Revenue for 2008 was up 14% year-on-year to a record $9.29bn.

Announcing the results, NOL Group chairman, Cheng Wai Keung, said “2008 was a year of dramatic change, in which our Group faced some of the most turbulent conditions in its long history. The impact of the difficult macro-economic environment is reflected in the fourth quarter operating results.”

NOL Group president and chief executive officer, Ron Widdows, said, “The results show the impact of a severe market downturn in the latter part of 2008 caused by reduced consumer confidence in the wake of the global economic crisis. They also take account of significant restructuring costs, which reflect actions taken in the fourth quarter to place the company on a better footing for the conditions ahead.”