Major Japanese international freight forwarder Yusen Logistics Co. said its group net profit plunged 79.0 percent year-over-year in the first half of fiscal 2013, which began on April 1, to 282 million yen ($2.9 million) despite a big jump in operating revenue.
The Tokyo-based company saw its group operating revenue surge 23.3 percent year-over-year in the April-September period to 199.450 billion yen ($2.0 billion). Its group operating profit also soared 24.5 percent to 1.538 billion yen ($15.7 million).
The company’s fiscal first half group net profit sank, apparently because of a big decline in extraordinary gains, which shrank to 285 million yen ($2.9 million) from 1.279 billion yen ($13.1 million) a year earlier.
Yusen Logistics is the logistics arm of Nippon Yusen Kabushiki Kaisha (NYK Line), Japan’s largest shipping firm in terms of sales.
“While domestic consumption in Japan and the United States was on a recovery trend, the outlook for the European economy remained uncertain. Economic growth in China and some other Asian countries also slowed down,” Yusen Logistics said in its earnings release.
Yusen Logistics said that although its sea cargo volume grew, its air freight volume “remained stuck in the doldrums” in the April-September period.