NYK REVISES FORECAST FOR ANNUAL RESULTS

NYK REVISES FORECAST FOR ANNUAL RESULTS    The Japanese shipping group NYK has revised its forecast for revenues and profits in its current fiscal year, due to end in March 2003.
   Group revenues are now forecast to reach 1.19 trillion yen ($9.9 billion) for the year, instead of the Yen1.15 trillion ($9.5 billion) predicted before.
   NYK maintained its forecast of a group operating income of Yen68 billion ($562 million).
   However, the group lowered its forecast for this year’s net income to Yen14 billion ($116 million), from the previous estimate of Yen15 billion ($124 million).
   This means that the NYK group is likely to see higher revenues, but lower operating income and net income, than in the fiscal year ended in March of this year.
   NYK estimates that its results for the first half of the current fiscal year, covering the period April 1-Sept. 30, were better than expected.
   The Japanese said that its forecasts reflect “the likely stagnation of the shipping market and the uncertain outlooks for the political and economic situations both at home and abroad in the second half of the year under review.”