Hisane Masaki, Special Correspondent | Aug 07, 2012 10:03AM EDT
Major Japanese international freight forwarder Kintetsu World Express said its group net profit edged down 0.3 percent year-over-year to $30.42 million in the first quarter of fiscal 2012, which started on April 1.
The Tokyo-based company’s group operating revenue declined 5.5 percent year-over-year in the April-June quarter to $819.82 million. Its group operating profit inched down 0.6 percent year-over-year to $42.92 million.
Operating revenue in the Americas, which includes the United States, Canada and Latin America, totaled $100.41 million in the April-June period, down 6.6 percent year-over-year. Operating profit in the Americas amounted to $5.57 million, up 10.9 percent.
Nippon Express Co., Yusen Logistics Co. and KWE are Japan’s three largest international freight forwarders.
Looking back on the first quarter of the current fiscal year, KWE said in an earnings release, “The global economy slowed down further due to renewed concerns about the European debt crisis. Growth in such emerging economies as China and India also slowed.
“Meanwhile, the Japanese economy recovered at a moderate pace, largely thanks to strong demand related to reconstruction from the Great East Japan Earthquake,” the company said.
“The international cargo market was generally sluggish due to such factors as a slump in global demand for flat-panel televisions and other electronics products,” the company said.
Under such circumstances, KWE’s international air cargo services fell slightly, but its international sea cargo services grew moderately in the April-June period, the company said.
KWE left unchanged its group revenue and profit forecasts for the whole of fiscal 2012, which were announced in May.
The company’s full-year projections are $3.83 billion in group operating revenue, up 13.5 percent from fiscal 2011; $191.57 million in group operating profit, up 8.5 percent from fiscal 2011; and $121.33 million in group net profit, down 0.5 percent from fiscal 2011.
Contact Hisane Masaki at yiu45535@nifty.com.