Yusen Logistics’s net profit surged 14.7 percent in the first nine months of fiscal 2011, which started on April 1, 2011, as the Japanese forwarder saw revenue jump 90.9 percent in the same period.
The Tokyo-based company’s profit rose to $43.2 million on revenue of $3.06 billion. Yusen Logistics’ group operating profit rose 306 percent year-over-year to $68.87 million in the same period.
Yusen Logistics said that it saw its sea cargo surge in the April-December period, thanks to the integration of logistics operations with NYK Line. But the company said that it suffered a decline in air cargo due to “the unstable state of the global economy and natural disasters in Japan and Thailand.”
In the Americas, Yusen Logistics posted a group operating revenue of $708.08 million in the April-December period, a 5.3-fold increase from $133.87 million a year earlier. The company posted a group operating loss of $605,000 in the Americas in the April-December period, compared with a group operating profit of $7.62 million a year earlier.
Yusen Logistics also revised downward its group operating revenue and operating profit forecasts but left unchanged its group net profit forecast for the whole of fiscal 2011. The previous full-year forecasts were announced on Oct. 31.
The company’s new full-year projections are: $4.05 billion in operating revenue, up 91.2 percent from fiscal 2010; $96.05 million in operating profit, up 47.6 percent from fiscal 2010; and $53.96 million in net profit, up 13.2 percent from fiscal 2010.
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