Mitsui Targets 64 Percent Profit Gain

Wednesday, April 16, 2008

Mitsui Engineering & Shipbuilding Co., 's second-largest shipbuilder by sales, forecast profit will rise 64 percent in three years, aided by record demand. The shares gained the most in two weeks, Bloomberg reported.
Operating profit may reach $534min the year through March 2011, from 33 billion yen estimated for the year just ended, the Tokyo-based company said today in a statement. Sales are forecast to rise 27 percent to 800 billion yen in three years. No net income targets were given.
Mitsui Engineering, with a three-year order backlog, said today it will accelerate spending to expand production capacity. The company is counting on rising sales of its vessels to counter higher steel costs and a stronger yen that would erode the value of overseas earnings.
Mitsui Engineering based the currency exchange rate of 105 yen to the dollar for the three-year plan. The yen recently traded at 101.34 yen to the dollar in .

The Japanese company will spend 53 billion yen on capital expenditure over the three years ending March 31, 2011, 37 percent higher than in the previous three years. Research and development costs will increase 68 percent to 21 billion yen, mostly for new businesses.
Mitsui Engineering, Mitsui & Co., Inpex Holdings Inc. and six other partners, are studying the feasibility of turning natural gas into frozen pellets, making the fuel easier to ship.
Source:  Bloomberg

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Damen Builds Cable Installer For Maersk Supply Service

New Damen-built vessel for Maersk Supply Service to undertake long-term charter with DeepOcean   A newbuild DP2 cable installation vessel, Maersk Connector, was

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0673 sec (15 req/sec)