“K” LINE’S ANNUAL NET INCOME SOARS TO $64 MILLION

“K” LINE’S ANNUAL NET INCOME SOARS TO $64 MILLION

“K” LINE’S ANNUAL NET INCOME SOARS TO $64 MILLION

   “K” Line reported a consolidated net income of 8.8 billion yen ($64 million) for its fiscal year ended March 31, more than four times the Yen1.6-billion result of its previous fiscal year.

   Operating profit for the April 1999/March 2000 fiscal year was Yen26.8 billion ($253 million), up 25 percent from the Yen21.5 billion result in the previous year.

   Consolidated revenue decreased by 5 percent, to Yen485.7 billion ($4.6 billion), from Yen513.1 billion.

   In container shipping, profitability improved thanks to efforts to restore freight rates against a background of a favorable change in supply and demand, “K” Line said.

   “K” Line reported a slow market for small bulk carriers, but said that larger bulk carriers have seen the market pick up.

   The Japanese group reported steady car export volumes from Japan to North America, Europe and Australia, but the overall number of vehicles moved by its car-carriers decreased a little.