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MOL Swings to Black

Mitsui O.S.K. Lines reported its net income in the first quarter of fiscal year 2013, ending June 30, 2013, was 14.5 million Japanese yen (about US$147.5 million), compared with a net loss of 5.0 million yen in the first quarter of fiscal year 2012, which ended June 30, 2012.

Quarterly revenue was 411.9 million yen, improving from 378.9 million yen in the same quarter in the previous year.

The container line predicted that net income in the first half of fiscal year 2013 will be 20.0 million yen, and revenue will be 840.0 million yen. It also anticipated that profit for the full fiscal year will be 50.0 million yen, and revenue will be 1.7 billion yen.

Although the U.S. and Japanese economies experienced recoveries in the first quarter, Europe remained beset by a recession, and there was a widening trend towards slower growth in emerging countries, including China, MOL said in a written statement. The container ship market was perceived as having an oversupply of capacity, which was strengthened by an increase in deliveries of large container ships, and freight rate levels declined as a result, the Japanese container line said.

via: www.joc.com