Nippon Express Co. saw profit surge 133.9 percent to $128 million in the first half of fiscal 2011, which started in April, despite flat revenue.
Japan’s largest international freight forwarder saw revenue edge down 0.3 percent year-over-year to $10.28 billion in the April-September period. Nippon’s operating profit fell 7.3 percent to $178.55 million.
Of the $10.28 billion group revenue in the April-September period, $275.09 million came from group companies in the Americas, down 0.2 percent from a year earlier. Of the $178.55 million group operating profit, $5.54 million came from group companies in the Americas, down 43.7 percent from a year earlier.
“The outlook for the Japanese economy remains uncertain due to such factors as a sharp rise in the value of the yen and a slowdown in overseas economies,” the company said.
Nippon Express left unchanged its original group revenue and profit forecasts for the whole of fiscal 2011, which were announced on May 20.
The company’s full-year projections are: $20.77 billion in group revenue, up 0.2 percent from fiscal 2010; $448.72 million in group operating profit, up 10.7 percent from fiscal 2010; $269.23 million in group net profit, up 145.9 percent from fiscal 2010.
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