Kintetsu World Express Profit Rises 19.3 Percent

Kintetsu World Express, Japan’s second-largest international forwarder, said its net profit rose 19.3 percent year-over-year in the first half of fiscal 2011, which started on April 1, to $60.5 million.

The company gave no clear explanation as to why its group operating and net profits rose much faster than its group operating revenue in the April-September period.

Tokyo-based KWE’s group operating revenue grew 2.3 percent in the April-September period from the same six-month period last year, to $1.74 billion. The group’s operating profit increased 34.8 percent $85.38 million.

Operating revenue in the Americas, which include the United States, Canada and Latin America, increased 10.2 percent in the April-September period from a year earlier to $228.53 million. Operating profit in the Americas rose 9.8 percent to $13.63 million.

KWE said air cargo transportation volume was almost flat in the first half of fiscal 2011 from a year earlier, although sea cargo services grew moderately.

KWE revised downward its group operating revenue forecast but upward its group operating and net profit forecasts for the whole of fiscal 2011, which were announced on May 11.

The company’s new full-year projections are: $3.49 billion in group operating revenue, up 1.6 percent from fiscal 2010; $170.51 million in group operating profit, up 11.8 percent from fiscal 2010; and $117.95 million in group net profit, up 16.7 percent from fiscal 2010.