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MOL takes cut in Q3 profit, revises down 2010 earnings

MOL takes cut in Q3 profit, revises down 2010 earnings

Tokyo: Mitsui OSK Lines saw higher revenue but took a cut in net income in the third quarter as global economic recovery remains slow. In the third quarter of 2010, MOL posted revenue of 377.6bn yen ($4.6bn) and net income of 7.8bn yen. While revenue improved 4.7% on quarter, net income declined from 12.1bn yen recorded in that quarter of 2009.

The Japanese carrier recorded revenues of 1,180.5bn yen for the nine months ended 31 December 2010, up 19.8% from 985.4bn yen in the corresponding period in 2009. Net income also surged to 56.1bn yen in the period, a jump from 2.2bn yen in the previous period, the company announced in a statement.

MOL revised its full year 2010 outlook to a revenue of 1,530bn yen, down from an earlier forecast of 1,550bn yen due to a weakening dry bulk market and a slow pace of recovery in the tanker sector. Net income was also revised down to 57bn yen, down from 65bn yen. With the nine months net income already at 56.1bn yen, MOL is expecting slim profit for the fourth quarter. [31/01/11]