Japan’s big 3 net big 2010 profits
Japan's three major container lines on Thursday reported collective operating profits of more than $1.2 billion for their fiscal year 2010, a major recovery from the $1.8 billion they jointly lost in fiscal year 2009.
The Japanese carriers report their financials according to an April 1 through March 31 fiscal year.
MOL headed the trio in terms of liner shipping operating profit and revenue. The line netted operating profit of $469.3 million, compared to a loss of $608.8 million in 2009. Its liner revenue rose 26.1 percent to $7.1 billion (though the effect in dollar terms was higher because of the appreciation of the yen during the last 12 months).
MOL's group revenue reached $18.6 billion, a 14.6 percent increase over 2009, while total operating profit was $1.5 billion, a fivefold increase over 2009 profit. MOL projects its liner profit in fiscal year 2011 will be nearly halved, to about $265 million.
NYK Line's liner division made $402.3 million in operating profit in 2010, after losing $553.4 million in 2009. The liner business had revenue of $5.6 billion in 2010, a 22.2 percent increase over 2009.
NYK Group revenue was $22.4 million, up 13.7 percent from 2009, while group operating profit was $1.4 billion after a loss of $19.4 million the previous year. The line didn't provide a specific forecast for 2011 for its liner business.
'K' Line liner division operating profit was $350.4 million in 2010, after a loss of $702.4 million in 2009. Liner revenue increased 38.5 percent to $5.4 billion.
Group profit was $704.9 million in 2010 after a loss of about $557 million in 2009. Group revenue increased 17.5 percent to $11.8 billion.
None of lines have yet detailed their container volumes for the latest fiscal year.