Mitsui OSK Lines (MOL) suffered a huge reversal of fortunes for the financial year 2011 as it posted a net loss of JPY26bn ($316.45m) from a net profit of JPY58.25bn a year ago, Seatrade Asia online reports. Revenue for the financial year ended 31 March 2012 was at JPY1.44trn, down from JPY1.54trn in the previous year.
The Japanese shipping conglomerate is expecting a better financial year 2012 with forecast of JPY3bn in net profit and JPY1.6trn in revenue.
“In the coming fiscal year, although there is concern of a potential slowdown due to the risk of Europe's debt crisis flaring up again and the rise in the price of crude oil, we are assuming the gradual economic recovery mainly led by the emerging economies will continue,” MOL said.
The Japanese shipping conglomerate is expecting a better financial year 2012 with forecast of JPY3bn in net profit and JPY1.6trn in revenue.
“In the coming fiscal year, although there is concern of a potential slowdown due to the risk of Europe's debt crisis flaring up again and the rise in the price of crude oil, we are assuming the gradual economic recovery mainly led by the emerging economies will continue,” MOL said.