NYK’s first half profits up 62.6%

NYK’s first half profits up 62.6%    Tokyo-based NYK today reported its best-ever consolidated net income, operating income and revenue six-month performances for the first half of its fiscal year ended Sept. 30.
   NYK’s consolidated net income surged 62.6 percent to 48.4 billion yen ($427.6 million), compared with Yen27.7 billion a year ago. Operating income rose 10.8 percent to Yen80.5 billion ($711.5 million) from Yen72.7 billion in the same six-month period last year. Thanks to double-digit revenue increases from its shipping and logistics sectors, the Japanese group increased its consolidated revenue to Yen899.5 billion ($7.95 billion) from Yen768.2 billion last year.
   Revenue from NYK's liner division rose 16.8 percent to Yen260.5 billion ($2.3 billion). The 'other shipping' division, which includes trampers and specialized carriers division such as dry bulk and car-carrier activities, increased its revenue 17.8 percent to Yen323.1 billion ($2.85 billion).
   Commenting on its liner activities during the six-month period, NYK said: “On North American routes, freight volumes from Southern China rebounded, following a temporary falloff, and on European routes freight volumes were firm, recovering sharply from the end of July. Overall, however, sharply higher bunker oil prices raised operating costs, and the cost of inland transport within the United States increased. Consequently, revenues increased in this segment, but income declined, falling below initial forecasts.”
   NYK has improved its consolidated net income forecast for its full financial year ending March 31, 2006, by 2 percent to Yen92 billion ($631 million).