MITSUI OSK Lines has raised its estimate for reported earnings during the current tax year, which ends on March 31st 2022.
Its net income amounts to $5.36 billion, up 31.3% from the previous estimate of $4.16 billion last October. The Japanese giant also increased its revenue forecast: 1.26 trillion yen versus the previously estimated 1.22 trillion yen.
For the first nine months from April to December, the shipping line reported a net income of $4.22 billion, exceeding the previous estimate of $4.08 billion. Revenues during the period rose to $7.89 billion, up sharply from $6.22 billion.
MOL attributed its strong performance in the April-December period to the results achieved by Ocean Network Express, which it owns a 31% stake in, and which helped the company earn $3.59 billion during the first nine months of the current tax year.
Translation by Giles Foster