Mitsui O.S.K. Lines (MOL) records a loss in its recent quarterly financial report.
MOL recorded a loss in its business performance over the first quarter, despite making an improvement in its bottom line compared with the same period of the previous fiscal year.
Difficult trading conditions were attributed to the sovereign debt crisis in southern Europe, only moderate economic growth in USA, and in China a weakened pace of growth.
On the other hand, In Japan, the automobile industry experienced strong domestic sales due to the government subsidy program for eco-friendly cars. In addition, exports were steady, particularly to the U.S., and expansion in restoration demand related to the Great East Japan Earthquake brought about a gentle tone of economic recovery.
Total assets for the quarter ended on June 30, 2012, amounted to 1,988.5 billion yen, an increase of 42.4 billion yen from the end of the previous fiscal year, due to the delivery of newly completed vessels to the MOL fleet.