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MOL's nine month profits up to $163m

MOL's nine month profits up to $163m

Mitsui OSK Lines (MOL) increased its nine-month earnings for FY2016 reporting profit of JPY19.03bn ($163.33m), but lowered its full year profit forecast.

MOL reported improved profitability despite a drop in revenues to JPY1.08trn for the nine month period ended 31 December 2016 compared to JPY1.32trn previous corresponding period.

At a segmental level profits for its bulkships division of the nine-month period in 2016 were JPY25.8bn compared to JPY44.9bn in the previous year. Losses container shipping division widen in the period to JPY26.1bn compared to JPY18.4bn in the same period a year earlier. Profits from the ferry, coastal and ro-ro sector remained flat at JPY3.8bn.

Despite the positive result MOL reviewed its forecast of a full year net profit of JPY7bn to a breakeven of zero.

“The company conservatively reviewed the consolidated business outlook and made a downward revision of net income due to concerns about possibility for more impairment of owned containerships depending on future trend in ship prices, which showed a significant drop over the past year, and the future cash flow, which will be planned,” MOL said.

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