Japan's NYK Lines April-Dec net profit up 91 pct

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Jan 2008

Japan's largest shipping company, Nippon Yusen KK (NYK Lines), said Tuesday its net profit nearly doubled in the first nine months of the fiscal year, buoyed by higher freight rates and an increase in the volume of cargo handled.In consequence, the company has raised its profit forecasts for the year to March.The company reported net profit of 93.15 billion yen for the first nine months, compared to 48.66 billion yen a year earlier.Pretax profit rose 86.3 percent to 149.72 billion yen and operating profit increased 93 percent to 148.59 billion yen.Revenue expanded 21 percent to 1.94 trillion yen.For this fiscal year NYK Lines is now forecasting net profit of 120 billion yen, operating profit of 200 billion yen and revenue of 2.58 trillion yen. Three months ago it projected net profit of 111 billion yen, operating profit of 182 billion yen and revenue of 2.54 trillion yen.