MOL expects third consecutive year of record results

MOL expects third consecutive year of record results    Akimitsu Ashida, president of Mitsui O.S.K. Lines, said today he expects his group to reach new record results in the fiscal year ending March 31, 2006, improving on the last two years’ record performance.
   “I have great confidence that during fiscal year 2005, which starts today, we will continue to improve on last year’s results and post a third consecutive year of record performance,” Ashida said in a speech to mark the 121st anniversary of the founding of MOL.
   For the fiscal year ending March 31, 2005, MOL expects to have earned a consolidated ordinary income of 168 billion yen ($1.6 billion), far exceeding the previous all-time high of 90.5 billion yen ($859 million) set in the previous fiscal year, and ahead of the company’s profit target.
   MOL will report its April 2004-2005 annual results May 12.
   Ashida said the current shipping boom is not the only reason for the company’s rising profits.
   “Though a key factor behind this great achievement is that the ocean shipping industry is enjoying a business environment more favorable than ever before, our success is also due in large part to your unstinting efforts to control costs, seize new sales opportunities, and ensure safe, reliable transportation that proves worthy of our customers’ trust,” he said.