Shipping company Mitsui O.S.K. Lines Ltd. said Friday it has raised its earnings forecast and dividend payment plan for fiscal 2003 as a market recovery and progress in cost cuts boosted its business.
The company expects a group net profit of 52 billion yen for fiscal 2003, up from an estimated 46 billion yen in the previous forecast released Feb. 12.
Group pretax profit was revised upward to 89 billion yen from 81 billion yen on estimated revenues of 995 billion yen, up from 970 billion yen.
In line with the buoyant earnings forecast, Mitsui O.S.K. said it plans to raise payment of a yearend dividend to 7 yen per share from an earlier plan of 4 yen. The 7 yen will include 1 yen in commemoration of the company's 120 years in business, it said.
This will bring the company's annual dividend payment for the just-ended year to 11 yen, compared with 5 yen paid the previous year, with a group net profit of 14.7 billion yen and pretax profit of 33.4 billion yen on revenues of 910.2 billion yen.