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MOL ups its earnings estimates

by Port News Editorial Staff

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

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