Japanese carriers report profits

Japanese carriers report profits    Japanese shipping groups Kawasaki Kisen Kaisha (“K” Line) and Mitsui O.S.K. Lines (MOL) today both reported net profits in their 2005 fiscal year ended March 31.
   MOL’s group net income jumped 16 percent to Yen113.7 billion ($1.06 billion), while net income at “K” Line improved a more modest 4 percent to Yen62.4 billion ($531.4 million).
   MOL’s group revenue improved 16 percent to Yen1.36 trillion ($12.2 billion), from Yen1.17 trillion in the 2004 fiscal year. MOL’s operating was flat at Yen173 billion ($841.7 million) from Yen172 billion.
   MOL forecast a 7.7 percent downturn to its profits for the 2006 fiscal year, predicting a net profit of Yen120 billion ($1.06 billion).
   “K” Line’s group revenue rose 14 percent to Yen940.8 billion ($8 billion) from Yen828.4 billion. “K” Line’s operating income declined 19 percent to Yen87.9 billion ($748.9 million) after it posted Yen108 billion in the previous fiscal year.
   NYK, Japan’s largest shipping company, is still to release its financial results for the year.