TOKYO -- Japan's Nippon Yusen Kabushiki Kaisha (NYK Line) reported today that group revenue and profits for the October-December period tumbled as the accelerating slump in the global shipping market took its toll.
Consolidated revenue totaled 611.4 billion yen ($6.8 billion) for the third quarter of fiscal 2008 ending March 31, down 10.2 percent from a year earlier.
Revenue from liner trade amounted to $1.92 billion; bulk shipping came to $3.02 billion, and logistics totaled $1.66 billion.
Operating income of $406 million was down 36.9 percent on-year, and ordinary income of $302.6 million was off 51.8 percent. Net income fell 50.3 percent to $210.2 million.
Japan's largest carrier by sales put profit declines down to significant revenue weakness, higher fuel oil and other costs, and a stronger yen.
The company revised downward its earlier forecasts for all of 2008 announced in October.
The company now predicts $27.81 billion in consolidated revenue, down 9.1 percent from the previous forecast and 3.3 percent from fiscal 2007.
Operating income is forecast at $1.77 billion, down 24.3 percent from the previous outlook and 21.3 percent from 2007.
Ordinary income is now estimated at $1.74 billion, down 25.7 percent from the October projection and 21.4 percent from the previous financial year. Net income is estimated at $812 million, down 47.9 percent from the previous estimate and 36 percent from the 2007 financial year.