“K” LINE INCREASES ITS 2002/2003 PROFIT FORECAST

“K” LINE INCREASES ITS 2002/2003 PROFIT FORECAST

“K” LINE INCREASES ITS 2002/2003 PROFIT FORECAST

   The Kawasaki Kisen Kaisha group has increased its revenue and profit forecasts for its 2002/2003 fiscal year, ending on March 31.
   The Japanese group now expects a consolidated net income of 11 billion yen ($92 million), up from a previous forecast of Yen10 billion ($83 million). If achieved, the latest forecast will mark a 120 percent increase in net income, when compared with the net income of Yen5 billion earned in the fiscal year ended in March 2002.
   “K” Line also anticipates a consolidated operating income of Yen29 billion ($242 million), up from a previous forecast of Yen22 billion ($183 million), and substantially higher than the Yen19 billion operating income reported for the previous fiscal year.
   Group consolidated revenues for the fiscal year ending on March 31 are now expected to amount to Yen630 billion ($5.3 billion), up from a previous forecast of Yen610 billion ($5.1 billion). In the fiscal year ended in March 2002, “K” Line’s revenues totaled Yen571 billion.
   “K” Line said that it has increased its profit forecast because of improved business results in every sector and satisfactory achievement of cost reductions.
   It cited several favorable factors: an upturn in the bulk and tanker markets; higher container volumes, particularly from China to Europe and the U.S.; and increases in car/vehicle units bound for the Middle East countries and for the U.S.