Kawasaki Kisen predicts 80% plunge in profit this fiscal year

Kawasaki Kisen Kaisha Ltd., Japan’s third-largest shipping line by sales, forecast an 80 percent plunge in profit this fiscal year as recessions in the U.S. and Europe damp demand for goods transported by containers. The shipping line expects net income of 6.5 billion yen ($67 million) in the year ending March 31, the Tokyo-based company said in a statement today. Sales will be 950 billion yen, it said.