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March 15, 2002
Forecast Annual Results Revision Notice
Mitsui O.S.K. Lines (MOL) has revised their
forecast results for fiscal year ending March
31, 2002, previously announced on November
20, 2001
I) Revision for the forecast of consolidated
annual results:
FY 2001 ended March 31, 2002 (April 1, 2001
- March 31, 2002)
| unit: million yen |
|
Revenues |
Ordinary Income |
Net Income |
Last Forecast,
announced on
November 20, 2001 (A) |
910,000 |
40,000 |
15,000 |
| Revised Forecast (B) |
910,000 |
35,000 |
9,000 |
| Difference (B-A) |
0 |
-5,000 |
-6,000 |
| Rate of Increase/Decrease (%) |
0 |
-12.5 |
-40.0 |
Results of the previous term
(ended March 31,2001) |
887,866 |
53,020 |
10,943 |
II) Revision for the forecast of non-consolidated
annual results:
FY 2001 ended March 31, 2002 (April 1, 2001
- March 31, 2002)
| unit: million yen |
|
Revenues |
Ordinary Income |
Net Income |
Dividend per share
(unit:yen) |
Last Forecast,
announced on
November 20, 2001(A) |
700,000 |
34,000 |
9,000 |
6.00 |
| Revised Forecast (B) |
690,000 |
31,500 |
6,500 |
5.00 |
| Difference (B-A) |
-10,000 |
-2,500 |
-2,500 |
- |
| Rate of Increase/Decrease (%) |
-1.4 |
-7.4 |
-27.8 |
- |
Results of the previous term
(ended March 31,2001) |
683,167 |
51,336 |
14,282 |
5.00 |
III) Reasons for the revision
We regret to announce that the large decline
in the Japanese stock market this year has
resulted in larger than expected losses for
MOL. A depressed shipping market, exacerbated
by a delay in the recovery of world economies,
the disposal loss of idle fixed assets, and
the poor financial performance of our Japanese
subsidiary companies have also had a negative
impact on our financial results.
Despite the utmost efforts we have made to
improve efficiency and cut operating costs,
through measures such as the rationalization
of the liner division fleet and the streamlining
of operations, we believe it will be difficult
to reach the profit targets we set for the
fiscal year ending March 31, 2002. We have
therefore revised our profit projections
downward, and will almost certainly need
to reduce the 6yen dividend per share announced
in November 2001 to 5yen, the same rate as
the previous fiscal year.
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