Charge, taxes hit NYK quarter

Charge, taxes hit NYK quarter

Nippon Yusen Kaisha (NYK Line), Japan's largest shipping line, reported a 92 percent drop in fourth-quarter profit after taking a one-time charge from selling two ships and paying higher taxes.

The shipping line said net income fell to 300 million yen ($2.64 million) in the fourth quarter ended March 31, from $35.04 million in the same quarter last year. Sales rose almost 16 percent to $3.2 billion.

For the full year ended March 31, net income more than doubled to $304.9 million from $125.3 million a year earlier. The result beat NYK's February forecast of $289.1 million profit. For the year to March 2005, the company forecast profit may rise 58 percent to a record $481.8 million on sales of $12.8 billion.

Fourth-quarter operating profit doubled to $196.2 million from $99.9 million a year earlier. Pretax profit from operations almost tripled to $155.1 million from $56.1 million.

Annual sales rose 12 percent to $12.3 million in the year ended March 31, while operating profit rose by a third to $805.2 million. Pretax profit rose 48 percent to $654.5 million in the same period.