MOL makes quarterly loss of US$103 million, sales off 12pc to $4.48 billion

JAPAN`s largest carrier, Mitsui OSK Lines (MOL), has posted its results for first quarter of fiscal 2011 from April to June, suffering a net loss of US$103.17 million with a 12.1 per cent decline in revenue to $4.48 billion.

MOL recorded an operating loss of $110.81 million between April and June versus an operating profit of $462.81 million a year ago.


The carrier said in a company statement: "Profits deteriorated due to a decline and stagnation in the ocean shipping market, further appreciation of the yen, and rising bunker prices."


Having a pessimistic outlook, it forecast "a significant deterioration in profits due to factors such as the current declining demand in the containership segment, the current downturn of the dry bulker market, and appreciation of the yen."


MOL predicted full-year revenue will stand at $19.23 billion, down 2.8 per cent from fiscal 2010; $448.71 million in operating profit, down 71.6 per cent year on year; and $217.95 million in net profit, down 70.8 per cent from the past fiscal year.