Japan's NYK Lines Q1 net profit up 55 pct on higher rates, hikes H1 forecast
Japan's largest shipping company, Nippon Yusen KK. (NYK Lines), said on Friday its net profit rose 55 percent in the first quarter ended June, driven by higher freight rates and increased cargo volumes.
Citing the continued expansion of economies in emerging markets, the company said it expects to post another record earnings in the current fiscal year.
Net profit soared to 44.36 billion yen ($413.5 million) from 28.64 billion yen a year earlier.
Pretax profit jumped 46.3 percent to 65.11 billion yen as revenue grew 13 percent to 679.6 billion yen.
The company now expects first-half net profit of 78 billion yen, pretax profit of 115 billion yen and revenue of 1.38 billion yen, compared to the earlier projections for net profit of 70 billion yen, pretax profit of 100 billion yen and revenue of 1.34 trillion yen.
But the company stood by its full full year to March 2009 forecasts, projecting net profit of 140 billion yen, pretax profit of 210 billion yen and revenue of 2.70 trillion yen.
Citing the continued expansion of economies in emerging markets, the company said it expects to post another record earnings in the current fiscal year.
Net profit soared to 44.36 billion yen ($413.5 million) from 28.64 billion yen a year earlier.
Pretax profit jumped 46.3 percent to 65.11 billion yen as revenue grew 13 percent to 679.6 billion yen.
The company now expects first-half net profit of 78 billion yen, pretax profit of 115 billion yen and revenue of 1.38 billion yen, compared to the earlier projections for net profit of 70 billion yen, pretax profit of 100 billion yen and revenue of 1.34 trillion yen.
But the company stood by its full full year to March 2009 forecasts, projecting net profit of 140 billion yen, pretax profit of 210 billion yen and revenue of 2.70 trillion yen.