MOL's 1Q Results Net Income 2.7 times

MOL's consolidated financial results for the April-June period of 2022 (the first quarter of the fiscal year ending March 31, 2023) show that net sales increased 29.7% year-on-year to 374,783 million yen, operating income in the core business increased 2.9 times to 23,597 million yen, ordinary income increased 2.7 times to 284,191 million yen, and net income attributable to owners of the parent company Net income attributable to shareholders of the parent company increased 2.7 times to 285,779 million yen. Despite the negative impact of the lockdown (urban blockade) of Shanghai, China, the high ocean freight rates since the outbreak of the new coronavirus infection, as well as the historic depreciation of the yen, swelled dollar-denominated sales and significantly boosted the strong performance that has continued since the previous fiscal year.