Japanese ocean carrier Mitsui O.S.K. Lines earned $700 million net profit for its fiscal year ended March 31 but forecast lower profit this year despite expected “strong performance” from container shipping, the Journal of Commerce reports. MOL’s net profit soared 358 percent during its 2010 fiscal year while revenue rose 14.5 percent to $18.6 billion. Operating income jumped nearly fivefold to $1.5 billion.
The improved results came despite higher oil prices, a stronger yen, economic problems in Europe, unrest in the Middle East and the March 11 Japan earthquake and tsunami that “has left the future of the Japanese economy and the global economy in a greater level of uncertainty,” MOL said.
The U.S. “maintained a tone of recovery” because of consumer spending and business investment fueled by expansionary monetary policy, MOL said.
For the current fiscal year that began April 1, MOL forecasts net profit will drop 48.5 percent to $462 million while revenue rises 3.6 percent.
MOL said it expects “strong performance from container ships backed by the gradual global economic recovery” but looks for a continuing slump in the tanker market, a recovery in tanker trade from current “sluggish levels” and a drop in car shipments because of the Japan earthquake.
The improved results came despite higher oil prices, a stronger yen, economic problems in Europe, unrest in the Middle East and the March 11 Japan earthquake and tsunami that “has left the future of the Japanese economy and the global economy in a greater level of uncertainty,” MOL said.
The U.S. “maintained a tone of recovery” because of consumer spending and business investment fueled by expansionary monetary policy, MOL said.
For the current fiscal year that began April 1, MOL forecasts net profit will drop 48.5 percent to $462 million while revenue rises 3.6 percent.
MOL said it expects “strong performance from container ships backed by the gradual global economic recovery” but looks for a continuing slump in the tanker market, a recovery in tanker trade from current “sluggish levels” and a drop in car shipments because of the Japan earthquake.