“K” Line net income rises 113% in first nine-months

“K” Line net income rises 113% in first nine-months

“K” Line net income rises 113% in first nine-months

   Japanese ocean carrier Kawasaki Kisen Kaisha Ltd. more than doubled its net income for the nine months ended Dec. 31, and projects an 81 percent net income rise for the full fiscal year.

   “K” Line’s group net income for the latest nine-month period increased 113.7 percent to Yen46.3 billion ($437 million) from Yen21.7 billion for the same period in the last financial year.

   “K” Line reported operating income of Yen85.9 billion ($811 million) from shipping in the nine-month period, on Yen622 billion ($5.8 billion) revenue. Operating income from port services and other services incidental to transportation was Yen7.7 billion ($73 million), on revenues of Yen75.6 billion ($713 million).

   “During the period from April 1, 2004, through Dec. 31, 2004, global marine cargo movements continued to thrive, assisted by the expanding imports and exports of the Asian and BRICs (Brazil, Russia, India and China) countries, mainly China, and the stably growing economies of Europe and the U.S.,” said “K” Line in a statement.

   For its container shipping operations, “K” Line cited substantial growth in cargo movements in the Asia/Europe trade thanks to a strong euro. “Overall operating revenues in the containership business exceeded those of a year earlier due to the increase in tonnage movements and increased freight rates,” “K” Line said. The carrier added that the increased profits occurred in spite of increased fuel costs and the stronger yen.

   “K” Line predicts a final fiscal year net profit of Yen60 billion ($565 million) which would represent an 81 percent rise on the Yen33.2 billion for the fiscal year ended March 31, 2004.

   “Increases in cargo movements can be expected mainly in China and India where import restrictions on apparel under the WTO (World Trade Organization) are scheduled to be lifted,” the carrier said.