Mitsui O.S.K. Lines, Ltd. announced a downward revision of its consolidated business outlook for FY2011, ending March 31, 2012 (April 1, 2011-March 31, 2012), issued on April 28, 2011. For the year, the company has revised revenue generation down 6.3%.
In a statement, the company said: "In the outlook for the first half, the Company anticipates a significant deterioration in profits due to factors such as the current declining demand in the containership segment, the current downturn of the dry bulker market, and appreciation of the yen. Consequently, the Company decided to revise its earlier announced consolidated business outlook for the first half of FY2011.
In consideration of the anticipated business environment from the third quarter and later, in addition to revising the consolidated business outlook for the first half, the Company made a downward revision of its earlier announced consolidated business outlook for FY2011."