MOL revises forecast to account for profit surprise

JAPANESE operator, Misui OSK Lines has revised its consolidated business outlook for the fiscal year ending March 31 to account for an increase in net income, which it says could be twice as high as previous estimates.
While operating income forecasts were raised 38.5 per cent over the group`s prior announcement, the bulk of the increase came about from a 69.2 per cent hike ordinary income expectations, compelled by better-than-expected performance in recent months.
The improved conditions were largely attributed to the dry bulker market remaining steadier than previously anticipated, as well as greater demand for oil tankers and seaborne automobile deliveries. The higher rates and volumes for container cargo, the company added, also contributed.