Nippon Express Co., Japan’s largest international freight forwarder, said on May 8 that its net profit sank 11.6 percent year-over-year in fiscal 2012, which ended on March 31, to 23.831 billion yen ($240.72 million) on a consolidated basis.
The Tokyo-based company’s group revenue edged down 0.9 percent in fiscal 2012 from a year earlier to 1.613 trillion yen ($16.29 billion). Its group operating profit plunged 11.4 percent to 33.206 billion yen ($335.41 million).
Nippon Express attributed the lackluster performance in fiscal 2012 to sluggish demand for freight transportation both at home and abroad. The business environment surrounding the Japanese logistics industry “remained harsh” in fiscal 2012, the company said in an earnings release.
Nippon Express boasts one of the world’s largest global logistics networks.
The company’s revenue in the Americas surged 25.8 percent year-over-year in fiscal 2012 to 54.028 billion yen ($545.74 million). Its operating profit in the region also soared 24.3 percent to 2.091 billion yen ($21.12 million).
Nippon Express also announced its group revenue and profit forecasts for fiscal 2013: 1.690 trillion yen ($17.07 billion) in group revenue, up 4.8 percent from fiscal 2012; 37 billion yen ($373.74 million) in group operating profit, up 11.4 percent from fiscal 2012; 25 billion yen ($252.53 million) in group net profit, up 4.9 percent from fiscal 2012.