Japan’s big 3 turn huge 1st quarter profits
Japan's big three ocean carriers each posted huge liner shipping profits in first quarter fiscal year results released Thursday.
Japan's lines work on an April 1-through-March 31 fiscal year.
MOL's containership division had $1.65 billion revenue this year, a 40.8 percent increase over the first period of 2009, while the line took in $95.9 million in operating profit, compared to $225 million loss in same period in 2009.
The MOL Group has also upped its projected revenue and profit for the first half of the current fiscal year. Revenue for the carrier (including divisions outside of liner trade) is now expected to be $8.9 billion, 2.6 percent higher than projected in April, while operating profit is expected to be $789.6 million, 34.6 percent higher.
NYK Line's containership division revenue grew 39.7 percent to $393 million, while operating profit rose to $131.9 million from a loss of $207.5 million in the same period in 2009.
NYK Line also ratcheted up its revenue and profit forecast for the current fiscal year. The line, including all divisions, now expects to make $11.2 billion in revenue, up 5.3 percent from the April forecast, and $823 million in operating profit, a 98.3 percent increase.
'K' Line containership's division had $1.27 billion in first quarter revenue, and $108.6 million in operating profit. The line didn't release specific information about its containership division performance in the first quarter of 2009, but nearly every major container line lost significant money in that span.