"K" Line's first half income falls to US$174 million

Japanese transportation giant "K" Line has reported a consolidated net income for the first half of the fiscal year ending March 31, 2007 of JPY20.56 billion (US$174.34 million), down from JPY34.89 billion year on year.For this six month period ending September 30 consolidated operating revenue rose to JPY518.03 billion, up from JPY454.76 billion for the same period a year ago. Meanwhile, consolidated operating income fell to JPY23.50 billion during the reporting period, down from JPY50.17 billion for the six months ended September 30, 2005. In the first half of fiscal 2006, the company said in a report that cargo movements in the shipping industry maintained constant growth. However, the company's profits were negatively affected by fluctuations in the US exchange rate to the Japanese yen.