MOL Refutes First Half Net Loss Projections

Japan’s Mitsui O.S.K. Lines (MOL) expects an extraordinary gain from charters cancelled in its bulk shipping business in the first half of the current fiscal year to offset the loss coming from the rehabilitation proceedings started at Daiichi Chuo Kisen Kaisha.

On September 29, MOL announced the prospect of a JPY 25 billion (USD 210 million) loss due to financial troubles at Daiichi Chuo. MOL further reviewed the accounting since Daiichi Chuo was ruled out as an equity method affiliate in the second quarter of FY2015, and determined there were no other important claims. Thus the company also announced the prospect of recording a loss of JPY 26.2 billion (USD 220m).

In response to media reports that the company is projected to show an operating loss of more than JPY 5 billion (USD 41.9m) in its consolidated financial result for the first half of FY2015, MOL said that this is not the outlook reported by the company.

MOL says that the company’s net income for the first half of FY2015 is projected to exceed the media-reported figure due to an extraordinary gain from cancellation of vessel charter contracts in the bulkship business, although it is expected to be lower than the previously announced outlook, due to Daiichi Chuo’s rehabilitation proceedings.

The company will publish the financial results for the first half of the current fiscal year on October 30.

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