Kintetsu World Express Profit More Than Doubles

Kintetsu World Express, Japan's second-largest forwarder, earned net profit of $48.84 million in the six months to Sept. 30, more than double its profit in the year earlier period. The 168 percent increase in earnings followed strong economic recovery in Asia.

KWE's group operating revenue soared 40.3 percent in the first fiscal half to $1.64 billion. Operating profit swelled 78.2 percent to $61 million.

Operating revenue in the Americas increased 34.2 percent to $199.65 million. Operating profit in the Americas skyrocketed 486.9 percent to $11.96 million.

By The Numbers: U.S. Container Trade With Japan.

The Tokyo-based company posted significant growth in its air and sea cargo services.

"An economic expansion continued in emerging countries, especially those in Asia, while a moderate economic recovery continued to be seen in developed countries,” KWE said in its earnings release.

"Meanwhile, uncertainty over the global economic outlook also grew due to the negative effects of the termination of governments' stimulus measures and fears of a slowdown in the U.S. and Chinese economies," KWE said.

On the Japanese economic situation during the same six-month period, KWE said, "Although an uptick was seen in corporate capital spending, the economic recovery lost some momentum amid the further appreciation of the yen, a continued decline in stock prices and a slowdown in exports to the rest of Asia, which was a main engine of the economic recovery."

KWE revised upward its full-year group net profit forecast to $93.93 million, up 66.3 percent from fiscal 2009.

-- Contact Hisane Masaki at yiu45535@nifty.com.