"K" LINE REPORTS HIGHER INTERIM PROFITS

   Kawasaki Kisen Kaisha reported a 33-percent increase in net income for the six-month period ended Sept. 30, but warned of a more intense competition environment.
    Net profit was Yen2.1 billion ($19 million), compared to Yen1.5 billion in April-September of last year.
    Operating profit in the latest period was Yen9.8 billion ($91 million), up 14 percent on the Yen8.6 billion operating income of the corresponding period of 1998.
    Revenue was Yen181.2 billion ($1.7 billion), down from Yen207.1 billion last year, partly due to the depreciation of the U.S. dollar against the Japanese yen.
    "K" Line attributed the increase in interim profits to an improvement in its container shipping business, the major activity of the group. "K" Line cited higher container volumes and increased eastbound freight rates in the Pacific trade since May.
    "K" Line’s "bulk carrier and car carrier services" division posted lower results for the latest six-month period. The group’s "tanker and energy transportation services" division also reported a lower bottom line.
    "K" Line said that it is "keeping an eye on overall competition moving to be harsher" as the shipping industry is witnessing a series of mergers and new entrants. The Japanese company said that deregulation of Japanese ports and logistics businesses are also "making management circumstances more severe."