"K" LINE, Japan's No 3 carrier, posted an April-to-September net profit of JPY14.7 billion (US$150.75 million), drawn on 10 per cent more revenue to JPY606.5 billion, thus reversing the company from last year's net loss of JPY1.1 billion.
Operating income for the period was JPY19.8 billion, up 62.6 per cent from JPY12.1 billion recorded at the same period of last year.
"The business environment remained unstable despite positive factors such as moderation of soaring fuel prices, which improved profitability and the correction of excessive appreciation of yen," said the world's 16th largest carrier.
With regard to containership segment, the carrier said the freight rates in containership sector remained at low levels, especially in European trades due to sluggish economy in Europe.
On the transpacific, "K" Line trade was flat but Asia-Europe route volume was nine per cent less year on year due to decreased demand from weak European economies.
"We carried close to 20 per cent less cargo as compared with the year-ago period in inter-Asia and north-south service as a result of further streamlining of unprofitable service lines," said the "K" Line statement.
Overall, the total volume handled in the six-month period was 10 per cent less than the same period last year.
Looking ahead, "K" Line said the US economy is "on a mild recovery trend while uncertainty prevails in Europe." So it will continue to cut operating expenditures by withdrawing services, applying more slow steaming, raising freight rates, and carrying out further cost cutting measures at its entire global offices.
WORLD SHIPPING
31 October 2013 - 21:23
'K' Line reverses loss into US$151 million profit, revenues up 10pc
"K" LINE, Japan's No 3 carrier, posted an April-to-September net profit of JPY14.7 billion (US$150.75 million), drawn on 10 per cent more revenue to JPY606.5 billion, thus reversing the company from last year's net loss of JPY1.1 billion.
WORLD SHIPPING
31 October 2013 - 21:23
'K' Line reverses loss into US$151 million profit, revenues up 10pc
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