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Japanese lines report financial results

Japanese companies published third-quarter and full-year reports on 31 January, announcing their financial performance and operating results.

ONE achieved profitability for a third straight quarter, while overall containership business significantly reduced temporary costs, K Line says in its report.

K Line reports operating revenues of US$1.79 billion and US$5.21 billion and operating income of US$970,000 and US$2 million in the third quarter and in 2019, respectively.

The forecasts of operating revenues, ordinary income and net income attributable to owners of the parent company remain the same as the previous forecasts, comments K Line.

Profitability improvement for containerships is expected by reflecting profitability improvement at ONE and decrease in temporary costs. Profitability improvement for Car Carriers is expected due to the effects of route rationalisation and rate restoration efforts.

MOL recorded revenues of US$7.96 billion, an operating profit of US$22 million, and an ordinary profit of US$45 million and profits attributable to owners of the parent company of US$44 million from 1 April  2019 to 31 December 2019.

MOL Group highlighted that full-year 2019 EBITDA guidance raised slightly to around US$2.4 billion (from around US$ 2.3bn) with an unchanged capex guidance (US$1.9-2.1 billion). MOL Group adds that Net Debt/EBITDA and gearing was hardly changed in third quarter at 0.79x and 18%, respectively.

Operating Cash Flow before Working Capital declined by 16% YoY to US$1.78bn in Q1-Q3 2019, in line with the trend in reported EBITDA, comments MOL Group.

Antonis Karamalegkos
Editor, Container News

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