Mitsui O.S.K. Lines, Ltd. (MOL) announced a revision of its consolidated business outlook for the first half of FY2011 (April 1, 2011 to September 30, 2011), the Company press release said.
Revisions to the consolidated business outlook for the first half of FY2011
(April 1, 2011 to September 30, 2011)
The Company revised the consolidated outlook for the first half of FY2011 because it anticipates a significant deterioration in profits due to about \8 billion in extraordinary losses stemming from a write-down of investment securities that form part of its owned shares because of the decline in stock market prices, and such factors as falling container freight rates in the Asia-Europe and Asia-North America routes, a downturn in the tanker market, and the appreciation of the yen.
The Company is now reviewing the consolidated business outlook for FY2011, ending March 31, 2012 (April 1, 2011-March 31, 2012), and plans to issue an updated outlook when announcing the consolidated financial results for the first half of FY2011 (scheduled for October 31, 2011).