MOL profit warning: Expects net loss of US$1.94 billion for 2012
JAPAN's largest carrier MOL has revised its financial year outlook for 2012, forecasting a net loss of JPY177 billion (US$1.94 billion) from previously estimated net loss of JPY28 billion.
Operating loss for fiscal year 2012 from April 1, 2012 to March 31, 2013 is expected to be JPY18 billion, a JPY5 billion increase over the previous outlook, drawn on a revised revenue forecast of JPY1.51 trillion.
The world's 10th largest carrier said the remarkable increase in net loss was mainly due to "the realisability of deferred tax assets".
Other factors included a dry bulk and tanker downturn, a delay in profit restoration in the containership market, the influx of newbuildings as well as a harsh operating environment.
Looking ahead, MOL expects to generate JPY101 billion in extraordinary loss during the fourth quarter of the fiscal year from January 1 to March 31 due to "the sale of vessels and assignment of the time charter contracts as it implements reforms in the dry bulker and tanker businesses".However, the carrier expects to have JPY40 billion in profits for fiscal year 2013 ending March 31, 2014.
JAPAN's largest carrier MOL has revised its financial year outlook for 2012, forecasting a net loss of JPY177 billion (US$1.94 billion) from previously estimated net loss of JPY28 billion.
Operating loss for fiscal year 2012 from April 1, 2012 to March 31, 2013 is expected to be JPY18 billion, a JPY5 billion increase over the previous outlook, drawn on a revised revenue forecast of JPY1.51 trillion.
The world's 10th largest carrier said the remarkable increase in net loss was mainly due to "the realisability of deferred tax assets".
Other factors included a dry bulk and tanker downturn, a delay in profit restoration in the containership market, the influx of newbuildings as well as a harsh operating environment.
Looking ahead, MOL expects to generate JPY101 billion in extraordinary loss during the fourth quarter of the fiscal year from January 1 to March 31 due to "the sale of vessels and assignment of the time charter contracts as it implements reforms in the dry bulker and tanker businesses".However, the carrier expects to have JPY40 billion in profits for fiscal year 2013 ending March 31, 2014.