MITSUI O.S.K. LINES POSTS PROFIT

MITSUI O.S.K. LINES POSTS PROFIT

   Mitsui O.S.K. Lines, Japan’s second-largest carrier, said Tuesday that net income rose 19 percent to 8.3 billion yen ($77 million), for the fiscal year ending March 31.

   The Tokyo-based carrier credited cost-cutting measures and improved freight rates for its improved profitability.

   The fiscal year also included Mitsui's acquisition of Navix Line Ltd. in April 1999. The companies lost a combined 12.2 billion yen in the previous fiscal year.

   Despite a 7.4-percent drop in sales, to 881.8 billion yen ($8.35 billion) operating profit rose 5.9 percent to 61.3 billion yen (about $580 million).

   Mitsui said the decline in sales was due to the yen's strength against the U.S. dollar.