MOL expects $173m H1 loss
Mitsui OSK Lines (MOL) expects to post a significant first half net loss of JPY13.5bn ($173.42m) due a mix of poor market conditions and write-down of investment securities, Seatrade Asia online reports.
The new outlook was revised from an earlier forecast of a net loss of JPY2bn for the first half of this year from 1 April to 30 September.
MOL is anticipating a “extraordinary loss of about JPY7.4bn 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 bulk market, and softening of the demand-supply environment in the containership business.”
First half revenue was projected at JPY755bn compared to the previous outlook of JPY770bn. MOL posted revenue of JPY717.35bn and a net loss of JPY16.46bn in the first half of 2011.
