The containership and logistics company saidnet earnings to 31 March were $76.52m, from a loss of $252.54m in the samethree months of 2012.

Revenue was stable at $2.37bn and costs were cut to$2.25bn against $2.41bn in 2012.

Liner shipping losses before tax and interest were $101m,compared to a deficit of $246m a year ago.

Volumes fell to 772,000 teu from 791,000 teu.

It was boosted by asset disposals of $196.63m,