JAPAN's largest carrier MOL recently revised it business outlook for the first half of fiscal year 2012 ending September 30, expecting a deterioration of net losses to JPY13.5 billion (US$172.9 million) from previous forecast of JPY2 billion in the red, based on a reduced forecast of revenue to JPY755 billion from earlier projection of JPY770 billion.
The company said it "anticipates a significant deterioration of profits due to the posting of an extraordinary loss of about JPY7.4 billion on the write-down of investment securities as a result of a decline in stock market prices, in addition to other factors such as the rise in bunker prices, weakness in the dry bulker market, and softening of the demand-supply environment in the containership business." The official results for the first half of fiscal year 2012 is scheduled to be released on October 31.