Mitsui O.S.K. Lines Ltd (MSLOF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

This is Mitsui OSK Lines Fiscal Year 2024, Second Quarter Business Performance Briefing. I am Takashi Hashimoto, President of Mitsui OSK Lines. Let me start with a general overview. In the first half of fiscal year 2024, we achieved ordinary profit of 249.0 billion yen and net income of 246.6 billion yen. The containerships business and the energy business performed strongly, and our results exceeded the previous forecasts and results of the same period, a year earlier. As a result, our balance sheet showed total assets exceeding 4,470.0 billion yen and shareholders' equity exceeding 2,660.0 billion yen. With a shareholders' equity ratio of 49%, including estimated lease obligations of 900.0 billion, our balance sheet shows a strong financial position. As for progress on the investment plan, set out in MOL Group Management Plan Blue Action 2035. We ordered an FSRU for Singapore LNG, which will be the second FSRU business we have made investment decision this fiscal year, following the FSRU for Poland, announced in the first quarter. and invested in HIF Global, which develops and operates projects to develop, produce, and transport green hydrogen, synthetic fuel, and synthetic methanol. In our full year outlook for fiscal year 2024, we forecast ordinary profit of ¥365.0 billion, which represents an upward revision of ¥15.0 billion from our previous forecast, and net income of ¥350.0 billion. Our exchange rate assumption is unchanged at 150 yen per 1 US dollar. We changed our assumption of resumption of the Red Sea transit from the end of December 2024 to the end of March 2025. Due to the upward revision of our full-year forecast, we plan to pay an annual total dividend of ¥300 per share, which is an increase of ¥20 per share, in accordance with our shareholder return ...