MOL's business performance for fiscal 2007, the first year of its three-year mid-term management plan, is expected to reach a record consolidated revenue of JPY1.9 trillion (US$18.67 billion) and consolidated ordinary income of JPY300 billion, surpassing the company's initial forecast by a considerable margin, mainly due to its growing dry bulk sector.
In a speech given by MOL president Akimitsu Ashida to mark the Japanese transportation group's founding 124 years ago, the company head said: "Though fiscal 2008 may see factors that decrease our profits, such as the appreciating yen and high bunker prices, we expect to post around JPY300 billion in consolidated ordinary income, which is the same as the previous year. We plan to accomplish this growth by launching newly built vessels and stepping up our cost reduction efforts."
The company's president went on to point out that MOL's most urgent task is to increase its customer appeal by revitalising its containership business, which "is now facing a crucial moment in its turnaround," he said. Consequently, the board has formulated a restructuring plan to achieve JPY50 billion yen in consolidated profits for the containership business by 2010.
|
