Singapore's NOL Q1 net profit almost triples

SINGAPORE, May 14 (Reuters) - Singapore's Neptune Orient Lines (NOL) (NEPS.SI) on Wednesday reported quarterly net profit almost tripled as higher container volumes offset rising fuel prices.

NOL, whose APL unit is the world's eighth-biggest container shipping firm, reported a net profit of $120.7 million for the three months ended March compared with $43 million a year earlier.

The Singapore firm said the business environment is expected to remain challenging, with cost pressures impacted by rising fuel prices.

Singapore state investor Temasek Holdings [TEM.UL] owns two-thirds of NOL.

NOL said on April 28 that it carried 13 percent more cargo in the four weeks to April 4 from a year ago while average revenue per container rose 15 percent. [nSIN190668]

(Reporting by Kevin Lim, editing by Saeed Azhar)

((kevin.lim@reuters.com; +65 6403 5663; Reuters Messaging: kevin.lim.reuters.com@reuters.net)) Keywords: NOL/EARNINGS

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