Mixed fortunes for Japanese carriers
Japanese shipping groups Kawasaki Kisen Kaisha and Mitsui O.S.K. Lines reported contrasting results for the six-month period ended Sept. 30.
MOL's group net income jumped 31.6 percent to Yen61.8 billion ($545.9 million) in the half year, while net income at “K” Line, the smallest of the big three Japanese companies, rose 4 percent to Yen34.8 billion ($308.2 million).
MOL’s group revenue improved 13 percent to Yen636.4 billion ($5.6 billion), from Yen563.6 million in the first half of 2004. MOL’s operating income went up 30 percent to Yen95.3 billion ($841.7 million) from Yen73.2 billion.
Over the same six-month period, “K” Line’s group revenue rose 10.6 percent to Yen454.8 billion ($4.01 billion) from Yen413.6 billion. “K” Line’s operating income declined 16.7 percent to Yen50.2 billion ($443.2 million) after it posted Yen60.3 billion in the first half 2004.
MOL said its container-shipping arm made a half-year operating income of Yen30.4 billion ($258 million), 28.5 percent more than the operating profit of Yen23.7 billion earned in April-September of 2004. Over the same period, MOL’s container shipping revenue rose 13.2 percent to Yen218.6 billion ($1.9 billion) from Yen193.1 billion.
“All routes saw active trade in the peak summer season, and cargo traffic and freight rates overall were higher that the same period of the previous year. In particular, the south/north routes earned a higher profit than we initially forecast,” MOL said in a statement.
MOL has forecast Yen120 billion ($1.06 billion) for its full fiscal year ending March 31, 2006. “K” Line’s anticipates a full year net income of Yen64 billion ($543 million) from Yen59.9 billion in the last fiscal year.
NYK will release its half-year financial results Nov. 15.