Top shipping firms log record profits
13:14 JST, May 11, 2022
TOKYO (Jiji Press) — Japan’s three major shipping companies have reported record consolidated net profits for the year ended March as transportation prices soared on logistics disruptions and stay-at-home demand linked to the coronavirus pandemic.
Their net profits for fiscal 2021 jumped six to eight times from the previous year.
But Nippon Yusen K.K., Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd. expect their profits to fall about 30% in fiscal 2022, with the price rise seen halting from around the second half of the year.
In fiscal 2021, profits surged at a container ship operator jointly owned by the three companies thanks to the higher transportation prices, boosting the trio’s performances.
Net profits shot up 7.2-fold to ¥1,009.1 billion at Nippon Yusen, topping ¥1 trillion for the first time. The bottom line jumped 7.9-fold to ¥708.8 billion at Mitsui O.S.K. Lines and 5.9-fold to ¥642.4 billion at Kawasaki Kisen.
Revenue grew 41.8% to ¥2,280.7 billion at Nippon Yusen, 28% to ¥1,269.3 billion at Mitsui O.S.K. Lines and 21% to ¥756.9 billion at Kawasaki Kisen.
"Business" POPULAR ARTICLE
-
Aviation Fuel Shortage Causes Problems at Regional Airports; Growing Demand, Lack of Workers to Transport
-
Prices of over 10,000 Food and Beverage Items to Rise This Year; Figure is down from over 30,000 Last Year
-
Sony Group to End Production of Blu-ray Discs; Market Has Shrunk Due To Growth Of Hard Disk Drives, Streaming
-
AI-Equipped Energy Efficient Air Conditioners Grow In Popularity; Some Can Guess Users’ Moods, Automatically Adjust Temperature
-
Toyota to Introduce 4-Day Workweek for Some Employees; Company Hopes More Flexible Schedules Will Boost Worker Motivation
JN ACCESS RANKING
- Aviation Fuel Shortage Causes Problems at Regional Airports; Growing Demand, Lack of Workers to Transport
- Prices of over 10,000 Food and Beverage Items to Rise This Year; Figure is down from over 30,000 Last Year
- Sony Group to End Production of Blu-ray Discs; Market Has Shrunk Due To Growth Of Hard Disk Drives, Streaming
- Japan Ministry Concerned Over Same-Sex Couple Receiving City-Issued Resident Certificates Referring to ‘Common-Law Husband’
- Japan Court OKs Sex Change without Surgery