?K? Line sees 61% profit plunge

ôKö Line sees 61% profit plunge    'K' Line said it had net profit of 32.4 billion yen ($330 million) for the fiscal year ended March 31, 61 percent less than in the prior year.’
   The Japanese carrier said revenue was 1.2 trillion yen ($12.7 billion) for the fiscal year, 7 percent less than the prior year.
   “Business circumstance in and after the third quarter has become extremely severe as seen in sharp appreciation of the yet, significant decline in dry bulk freight rates from the second quarter and steeply declined cargo movements in businesses related to containership transportation and the marine transportation of cars,” the company said.
   'K' Line said loaded containers handled declined 4 percent compared to the prior fiscal year. Loaded containers moved from Asia to North American fell 13 percent. In the opposite direction, export containers from North America were up 8 percent — benefiting from a strong first half of the year, then suffered a deep decline in the second half of the year.
   In the Asia/Europe trade, the company said it was able to buck an overall decline in the trade.
   'K' Line said its cargo movements to Europe increased 13 percent, benefiting from its launch of large new containerships. On the other hand, the company said in services to the Mediterranean, it promoted rationalization and suspended on service to the eastern Mediterranean, and saw its volumes to the Med drop 6 percent compared to the prior year.