JAPAN's biggest ocean carrier, Mitsui OSK Lines (MOL), has posted a quarterly net profit of JNY14.5 billion (US$147.5 million), drawn on revenues of JPY411.9 billion, up 8.7 per cent, thus reversing itself from a net loss of JPY5 billion in the corresponding quarter last year.
MOL expects net profit in the first half of fiscal year 2013 to rise to JPY20 billion yen, and revenue to increase to JPY840 billion yen with full fiscal year earnings coming in at JPY50 billion as revenue hits JPY1.7 trillion.
In its containership segment, MOL said: "Cargo volumes of Asia-Europe routes remained weak, while there was an increase in deliveries of large containerships. Freight rate levels fell as a result. Freight rate levels also weakened on other main routes, reflecting a stronger perception of oversupply.
"Although a loss was recorded in this segment for the first quarter there was a year-on-year improvement due to redoubled efforts to reduce operating costs and improve operational efficiency," MOL said.
Of the ro-ro segment, MOL said: "Exports of completed cars from Japan were down year on year for each consecutive month of 2013. This reflected prolonged stagnation in the European market and the shift of Japanese carmakers towards local production for local consumption as part of moves to step up such production," said the MOL statement accompanying the resultts.
Although the US and Japanese economies experienced recoveries in the first quarter, Europe remained beset by a recession, and there was a widening trend towards slower growth in emerging countries, including China, MOL said.
WORLD SHIPPING
01 August 2013 - 21:20
MOL back in black, but owes much to cost-cutting in stagnant markets
JAPAN's biggest ocean carrier, Mitsui OSK Lines (MOL), has posted a quarterly net profit of JNY14.5 billion (US$147.5 million), drawn on revenues of JPY411.9 billion, up 8.7 per cent
WORLD SHIPPING
01 August 2013 - 21:20
MOL back in black, but owes much to cost-cutting in stagnant markets
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