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Mitsui OSK says annual profit doubling its earlier forecast

Mitsui OSK says annual profit
doubling its earlier forecast

Mitsui O.S.K. Lines Ltd., operator of the world's largest merchant fleet, jumped the most in three weeks in Tokyo trading after saying annual profit was double its forecast.
Net income for the year ending March 31 was about 10 billion yen (US$107 million), the company said in a preliminary report to the Tokyo Stock Exchange. It had predicted a 5 billion yen profit previously. Profit will probably rise to 130 billion yen by fiscal 2015, the company said.
Mitsui O.S.K. intends to add 350 ships by the end of fiscal year 2015 as China import more iron ore, coal and liquefied- natural gas to sustain economic growth that reached 10.7 percent last quarter. The company plans to cut costs by 45.5 billion yen next fiscal year.
"We expect a stronger shipping market next year," President Akimitsu Ashida told reporters today in Tokyo. "All the big iron-ore carriers are headed for China."


Updated : 2020-12-05 13:47 GMT+08:00