EXCEPTIONAL ITEMS BOOST NYK’S RESULTS

   Favorable exceptional items helped NYK report a 74-percent jump in
annual net income, to 12.4 billion yen ($103 million), for its fiscal year
ending March 31.
   The latest result compared to a net income of Yen7.2 billion for the
1997-98 fiscal year.
   Operating income for the latest fiscal year was Yen47.7 billion ($396
million), marginally higher than the Yen46.3 billion operating result in
the previous year.
   Revenue for the latest fiscal year was unchanged, at Yen1.08 trillion
($8.98 billion).
   NYK reported "some positive development" in the liner shipping sector,
despite a "considerably sluggish" situation.
   The Japanese group also reported reduced freight rates and charter rates
in its dry bulk, reefer, oil and chemical product shipping activities.
   The latest results include the former activities of Showa Line, which
was absorbed by NYK last October.