Subscribe I am already a subscriber

You are using software which is blocking our advertisements (adblocker).

As we provide the news for free, we are relying on revenues from our banners. So please disable your adblocker and reload the page to continue using this site.
Thanks!

Click here for a guide on disabling your adblocker.

Subscribe I am already a subscriber

Japan: NYK Line reports $903 million losses

NYK Line has blamed declining revenue and rising costs for producing a net loss of 72.8 billion yen ($903 million) for its 2011 fiscal year ended March 31. However, the company predicts a profit for the current financial year.

NYK’s liner shipping division reported an operating loss of $545 million, reversing a $387 million profit in fiscal 2010, as revenue fell 9.4 percent to $5.3 billion. The loss on recurring liner operations was $566 million, compared with a recurring profit of $351 million a year earlier.

NYK President Yasumi Kudo forecast a $287 million profit this year on a 10.6 percent increase in group revenue to $25 billion.

Source: www.joc.com