Big 2Q profits for Japan’s big 3

Big 2Q profits for Japan’s big 3    Japan's big three container lines scored big first half and second quarter profits, according to half-year financial statements filed Friday.
   'K' Line said its container division had $2.9 billion in operating revenue in the first half and $304.9 million in operating profits. Comparable numbers for the first half of 2009 were not immediately available.
   The carrier said that despite higher revenue and profits, its transpacific cargo volume fell 10 percent (a 2 percent fall eastbound and a 24 percent fall westbound). Two-way Asia-Europe volume rose 2 percent (an 8 percent increase westbound and 9 percent decrease eastbound).
   MOL had $3.8 billion in operating revenue (a 42.6 percent increase) and $321.9 million in operating profits, a huge reverse from the roughly $500 million the container division lost in the first half of the 2009 financial year.
   MOL is predicting revenue of $7.2 billion and operating profits of $433.2 million for the financial year for its container division.
   NYK Line's container division saw a second quarter revenue increase of 40.9 percent from the same quarter in 2009, to $1.6 billion. Its second quarter operating profits went from a $217.9 million loss to a $211.7 million gain.
   NYK didn't release first half financial information on its liner business.
   The Japanese lines report financials based on an April 1-March 31 financial year. ' Eric Johnson