MOL revises down Q2 forecast

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Tokyo: Mitsui OSK Lines (MOL) has announced a downward revision of its consolidated business outlook for the second quarter of FY 2009 (i.e. July - September). The forecast operating income has gone out from a loss of Yen5bn to a loss of Yen 13bn, compared to a positive result of Yen 164bn a year earlier, on revenue down from Yen 640bn to Yen 620bn (-3.1%). Net loss has widened from Yen7bn to Yen 9.5bn, versus net income of Yen24bn in Q2 2008.
The Company made a downward revision of its earlier announced consolidated business outlook for FY2009 because operating costs in the containership segment including bunker prices and terminal charges increased more than expected, although recovery of freight rates and growth in trade volume have been close to expectations.
Meanwhile, the Company is now reviewing the full-year outlook for FY2009, and plans to announce it when second quarter consolidated financial results are announced (scheduled for October 27, 2009).  [25/09/09]