NYK profit soars

NYK profit soars Japanese shipping giant NYK Line posted net income of Yen 114.1 billion ($1.14 billion) in its 2007 fiscal year ended March 31 2008, up 75.5 percent compared to Yen 65 billion in the previous fiscal year.
   NYK’s operating income for the 12 months jumped 92.6 percent to Yen 202 billion ($2 billion).
   The Tokyo-based company said a 19.4 percent growth in revenue, which totaled Yen 2.58 trillion ($25.8 billion), was driven by “unprecedented high levels of demand in the market for dry bulk transport as well as to the recovery of freight rates for container transport and an expanded fleet size.”
   Revenue from bulk shipping, the group’s biggest sector, increased 32.7 percent to Yen 1.04 trillion. Container shipping sales gained 16.1 percent to Yen 666.4 billion, while NYK’s logistics division increased its revenue by 16.5 percent to Yen 409.8 billion ($3.6 billion).
   For its 2008 fiscal year, NYK is forecasting net income of Yen 140 billion, operating income of Yen 214 billion, and revenue of Yen 2.7 trillion.