Joseph Bonney, Senior Editor | Apr 30, 2012 10:35AM EDT
Diversified Japanese carrier MOL reported a loss of 26 billion yen ($322 million) for its 2011 fiscal year ended March 31, but said it expects a return to groupwide profitability this year.
The groupwide loss compared with a $670 million profit in fiscal 2010. Groupwide revenue last year fell 7 percent to $18.2 billion.
Container shipping revenue declined 7.5 percent to $6.9 billion. Profit was hurt by weak rates, high bunker fuel costs and a strong yen.
MOL forecasts its container shipping losses will narrow to $101 million in the current fiscal year from an ordinary-income loss of $380.5 billion in 2011.
The company forecasts small profits this year for its bulk, tanker, ferry and domestic transport and other businesses.
Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter at @JosephBonney.