MOL profits fall by 45% in first half

  • Print
Details
Category: General
Published on Monday, 03 November 2014 03:19
Hits: 907

By from Singapore

 

Mitsui OSK Lines (MOL) half year profit fell by 45% for the period ended 31 September 2014.

MOL reported a six months profit of JPY11.5bn ($105.3m) compared to JPY 21.2bn in the same period a year earlier. Revenues were up at JPY890.2bn in the first half of the year compared to JPY845.2bn in the corresponding period a year earlier. “This was a year-on-year worsening in our business performance, despite an increase in sales,” the company noted.

Looking ahead to the third quarter ended 31 December 2015 NYK said it expected a gradual seasonal upswing in the dry bulk shipping market, and also assumes there will be an upswing for large tanker and product tanker markets in the winter period. For the containership sector it said frequency of mainline services would be reduced in line with the slump in cargo volumes in the winter season.

MOL is forecasting a net profit of JPY40bn for the financial year ended 31 march 2015.