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  • 2017 October 31 12:00

    “K” Line announces differences from previously announced forecast of financial results

    Kawasaki Kisen Kaisha, Ltd. (“K” Line) announces  that  differences arose between the  consolidated financial results f or the first half (April 1, 2017 – September 30, 2017 ) and the  previous forecast that “K” Line announced on July  31, 2017, and that, based on recent  performance, the forecast of consolidated financial results  for the full year (April 1, 2017 – March 31, 2018 ) has been revised as set forth below.

    1. Differences from Forecast of Consolidated Financial Results for the First Half (April 1, 2017 – September 30, 2017)

    First Half Note: The Company implemented a ten - for - one stock consolidation as of O ctober  1,  2017. Profit  attributable to owners of the parent per share was calculated on the assumption that the stock  consolidation was implemented at the beginning of the previous fiscal year.

    Although freight rates f or containerships have bottomed out mainly in the Asia - North  America and Asia - Europe services, the pace of recovery is slower than expected. In  addition, the business environment has changed because of the mergers and business  integration between shipping  companies, the realignment of alliances, and  on - schedule  delivery of new large vessels. As a result, the market conditions have become harsher than  previously forecasted. In addition to the structural reforms carried out in the previous two  fiscal years in order to enhance competitiveness, the Group implemented measures to  improve its profitability , including continued cost reduction and improvement of vessel  allocation efficiency.

    However, the financial results in the first six months of the current  fiscal year deteriorated compared with the previous forecast.

    Consolidated Financial Forecast for the Full Year (April 1, 2017 - March 31, 2018)

    The Company implemented a ten - for - one stock consolidation as of October  1,  2017. Profit  attributable to owners of the parent per share was calculated on the assumption that the stock  consolidation was implemented at the beginning of the previous fiscal year.

    In the third quarter and beyond, the globa l economy is expected to remain on the path of  moderate growth on the whole. However, a careful watch should be kept on the economic  conditions, as a further rise in geopolitical tensions or the rollback of monetary easing in  various countries could cause  the economy to slow down. As for the business environment,  the  market is expected to continue to recover in the dry bulk business, but freights rates for  containerships and tankers are likely to remain top - heavy. Therefore, the forecasts of the  financial r esults for the full year have been revised as above. The Company will  implement the medium - term management plan and strive to improve  its profitability through further rationalization.

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