MOL revises down half-year financial estimates

MOL revises down half-year financial estimates    Japanese ocean carrier MOL said Friday it expects operating losses for the first half of 2009 to be higher than previously projected at the end of its first quarter.
   The carrier now expects operating losses to sink to $143 million, from $55 million in its earlier estimate, while revenue is expected to be down 3.1 percent to $6.8 billion, from an earlier estimate of $7 billion. Net loss will also increase significantly, the carrier projects, from $77.3 million to $104.9 million.
   'The company made a downward revision of its earlier announced consolidated business outlook for fiscal year 2009 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,' the carrier said in a statement. 'The company is now reviewing the full-year outlook for fiscal year 2009, and plans to announce it when second quarter consolidated financial results are announced (on Oct. 27).'
   The carrier had an operating loss of $127 million in the first quarter, which runs from April through June.