MOL raises forecast as profit grows

MOL

Mitsui OSK Lines (MOL) has raised its full year profit forecast for the year ended 31 March 2018 by 20% to JPY12bn ($108.5m) as it forecasts a gradual improvement in most major shipping sectors.

MOL reported a first quarter net profit of JPY5.2bn ($48.6m) for the period ended 30 June 2017, compared to JPY1.4bn in the corresponding period a year earlier. The company reported revenues of JPY403.2bn ($3.6bn) for the first quarter of the year compared to JPY360.1bn a year earlier.

All of MOL’s operating segments were in the black at an ordinary profitability level in the first quarter excluding container shipping, which reported a JPY6.2bn loss.

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