P&O blames revenue drop for losses

Ferry company P&O Nedlloyd is blaming a fall in revenue for a £29.9m (€46.9m) second-quarter operating loss.

This compares with an operating profit of £29.9m (€46.9m) in the same period last year.

Revenue rates were down 15% year-on-year, and by 1.5% on the previous quarter.

The joint venture between P&O and Holland's Royal Nedlloyd Group says European, Asian and Transpacific trade was particularly affected.