NYK Line said declining revenue and rising costs produced a net loss of 72.8 billion yen ($903 million) for its 2011 fiscal year ended March 31, but the Japanese carrier forecasts a profit for FY2012.
NYK’s liner shipping division reported an operating loss of $545 million, reversing a $387 million profit in fiscal 2010, as revenue fell 9.4 percent to $5.3 billion. The loss on recurring liner operations was $566 million, compared with a recurring profit of $351 million a year earlier.
Groupwide revenue, which was affected by the disruption to car carrier operations from last year’s earthquake in Japan and floods in Thailand, fell 6.4 percent to $22.9 billion.
NYK President Yasumi Kudo forecast a $287 million profit this year on a 10.6 percent increase in group revenue to $25 billion.