Mitsui OSK Lines has seen its first-quarter net profit slump by more than 55% to ¥5.4bn ($51.7m), figures released Friday show.
The world’s second-largest shipowner blamed its weaker financial performance on a “sharp deterioration” in results at its car carrier arm.
Revenue for the quarter was down 11% year-on-year to ¥251bn as the company also suffered from the weakness in the dry cargo market.
