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Japan: NYK Line reports $903 million losses

NYK Line has blamed declining revenue and rising costs for producing a net loss of 72.8 billion yen ($903 million) for its 2011 fiscal year ended March 31. However, the company predicts a profit for the current financial year.

NYK’s liner shipping division reported an operating loss of $545 million, reversing a $387 million profit in fiscal 2010, as revenue fell 9.4 percent to $5.3 billion. The loss on recurring liner operations was $566 million, compared with a recurring profit of $351 million a year earlier.

NYK President Yasumi Kudo forecast a $287 million profit this year on a 10.6 percent increase in group revenue to $25 billion.

Source: www.joc.com

Publication date: 5/1/2012


 


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