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Japan's big three post improved results

Japan's big three post improved results

Tokyo: Japan's three largest shipowners all reported Monday significantly higher profits for the first half of fiscal 2008-2009 (April-March). Nippon Yusen Kabushiki Kaisha, also known as the NYK Line, reported a 66% year-on-year rise in net profit to Yen 91.274 billion ($971 million); Mitsui OSK Lines, or MOL, reported net profit of Yen 124.003 billion, up 43.1% from a year ago, while Kawasaki Kisen Kaisha, or K-Line, reported a 16.1% rise to Yen 51.156 billion. NYK Line's revenue rose to Yen 1.42 trillion in the first half of fiscal 2007-2008, up 13% year on year on higher freight rates for container vessels and dry bulk carriers. All three lines though have revised downwards profit expectations for 2009.  [28/10/08]

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