Joseph Bonney, Senior Editor | Jul 31, 2012 9:49AM EDT
Japanese carrier MOL narrowed its loss for its March-June quarter and said it expects improved container shipping results to contribute to an expected group-wide profit during its current fiscal year.
MOL said it forecasts an operating profit of 1 billion yen ($12 million) during its current fiscal year ending next March 31, despite an expected 2.5 percent drop in revenue to $9.5 billion. The company previously forecast a loss of about $12 million.
The company said it “anticipates a recovery of freight rates in the containership business segment and a recovery in profits due to lower-than-anticipated bunker prices.”
MOL’s container ship unit reported an ordinary loss of $25 million, compared with a loss of $61 million a year earlier, as revenue rose 6.5 percent to $1.8 billion. Losses also narrowed for MOL’s bulk shipping operations.
The diversified Japanese carrier reported a group-wide net loss of $62 million in its April-June fiscal first quarter, compared with a $98 million loss a year earlier. Operating losses fell to $12 million from loss of $110 billion. Revenue rose 8.6 percent to $4.6 billion.
Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter @josephbonney.