Kintetsu World Express, Japan’s second-largest international forwarder, posted consolidated net profit of $97.5 million for the first nine months of its fiscal year, up 16.5 percent from a year earlier.
Group operating profit in the April-December 2011 period increased 23 percent to $131.9 million, despite flat operating revenue of $2.6 billion.
Operating revenue in the Americas, which include the U.S., Canada and Latin America, increased 6.4 percent in the period from a year earlier to $330.4 million. Operating profit in that region edged down 0.7 percent to $19.6 million.
“The global economy was generally lackluster because of growing concerns about a recession amid the widening debt crisis in Europe and signs that growth in such emerging economies as China and India was also slowing,” Tokyo-based KWE said in announcing the results. “Against this backdrop, although Japan’s economy is gradually recovering, its economic outlook grew increasingly uncertain for various reasons, including the impact of the Great East Japan Earthquake, a slump in demand overseas and the prolonged yen appreciation.”
KWE’s air cargo transportation volume fell in the period year-over-year because of the earthquake and a decline in global demand for such products as flat-panel televisions and personal computers. Its sea cargo services grew moderately, however.
The company left unchanged its full-year group operating revenue and profit forecasts announced last November. The company’s full-year projections are: $3.5 billion in group operating revenue, up 1.6 percent from fiscal 2010; $170.5 million in group operating profit, up 11.8 percent; $118.0 million in group net profit, up 16.7 percent.
Contact Hisane Masaki at email@example.com.