Hisane Masaki | May 02, 2011 10:00AM EDT
Yusen Logistics said its net profit surged 134.4 percent in fiscal 2010, which ended on March 31, from the previous fiscal year to $44.16 million.
The logistics arm of Japan's largest shipping firm NYK Line boosted operating revenue 30.2 percent to $1.96 billion as demand for air and sea cargo services remained firm, especially abroad. Operating profit soared 114.1 percent to $60.33 million.
"Although recovery continued thanks to economic stimulus measures taken by many countries, the pace of growth slowed down in the third and fourth quarters," the company said in its earnings release. "In the U.S., there was some improvement in consumer spending, but there was no significant improvement in the jobs and housing markets. In Europe, economic growth remained sluggish due to fiscal austerity measures triggered by the financial crisis."
"In Asia, China maintained high growth. Other emerging economies in Asia, including Vietnam and India, grew steadily, bolstered by strong domestic demand," the company said.
"Meanwhile, the Japanese economy began to move from the stagnation phase toward the recovery one in the third quarter on the back of increased exports to Asia. But the Great East Japan Earthquake in March has had a serious impact on economic activities," the company said.
The company projects for the current fiscal year $4.3 billion in operating revenue, up 119.5 percent; $135.37 million in operating profit, up 124.4 percent; $60.98 million in net profit, up 38.1 percent from fiscal 2010.
-- Contact Hisane Masaki at yiu45535@nifty.com.
