Nippon Express, Japan’s largest international freight forwarder, posted a net profit of $69.7 million on a consolidated basis in its fiscal first 2011 ending June, compared with a net loss of $26.1 million a year earlier.
The Tokyo-based company’s group revenue totaled nearly $5 billion in the April-June quarter, almost unchanged from the same three-month period last year. Its group operating profit surged 28.1 percent to $91.8 million.
Of the total group revenue in the April-June period, $129.8 million came from group companies in the Americas, up 2 percent from a year earlier. In terms of the group’s profit of $91.8 million, $587,500 came from group companies in the Americas, down 80.9 percent from a year earlier.
“The business environment surrounding the Japanese logistics industry remained harsh in the April-June quarter,” the company Nippon Express said in an earnings report. “Demand for international freight transportation was affected by the Great East Japan Earthquake as exports slumped. Demand for domestic freight transportation was still on the decline.”
The company said freight transportation demand internationally, especially in the rest of Asia, was strong in the April-June period.
Nippon Express left unchanged its group revenue and profit forecasts for the whole of fiscal 2011, which had been announced on May 20.
The company’s full-year projections are: $20.3 billion in group revenue, up 0.2 percent from fiscal 2010; $437.5million in group operating profit, up 10.7 percent from fiscal 2010; 2$62.5 million in group net profit, up 145.9 percent from fiscal 2010. In fiscal 2010, Nippon Express saw its group net profit plunge 32.0 percent to 106.8 million.
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