MOL profit up 66% after three quarters

MOL profit up 66% after three quarters

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Tokyo-based shipping company Mitsui O.S.K. Lines today reported a 66 percent jump in net income after nine months of its 2007 fiscal year.
   MOL's net income after three quarters ended Dec. 31 increased to Yen 146 billion ($1.3 billion), compared to Yen 88 billion in the prior fiscal year.
   The Japanese company’s operating income gained 83 percent to Yen 220 billion ($1.97 billion), while its consolidated revenue improved 25 percent to Yen 1.44 trillion ($13 billion).
   MOL said revenue from its bulk shipping division increased 31 percent to Yen 754 billion ($6.75 billion) and that the dry bulk trade in particular is 'embracing a favorable market upswing.'
   Containerships sales increased 22 percent to Yen 518 billion ($4.6 billion). MOL said the liner division was 'making little progress toward improving profitability due to a steep rise in bunker prices.'
   MOL's global box volume in the nine months period went up 14.4 percent to 2.44 million TEUs, which represents an overall round-voyage utilization of 76.3 percent.
   In the transpacific market, MOL carried 689,000 TEUs, up 18 percent. In the dominant eastbound Asia to North America trade, MOL's volume rose 15.6 percent to 437,000 TEUs and achieved healthy vessel utilization of 94.2 percent. Westbound, MOL's volume rose 22.3 percent to 252,000 TEUs although utilization was only 55.6 percent.
   MOL's Asia/Europe liftings rose 9.7 percent to 521,000 TEUs. The headhaul westbound volume increased 7.5 percent to 329,000 TEUs with a utilization of 97.3 percent. The weaker eastbound leg showed 13.6 percent higher volume of 192,00 TEUs and a utilization of 60.8 percent.
   For the full 2007 fiscal year, MOL updated its forecast so that it now expects net profit of Yen 190 billion (5 percent higher than its forecast three months ago); operating profit of Yen 285 billion (15 percent higher); and revenue of Yen 1.93 trillion (10 percent higher).