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"K" Line profits tumble more than 50%

"K" Line profits tumble more than 50%

Tokyo: Kawasaki Kisen Kaisha ("K" Line) has reported operating income of ¥71.6bn ($728m) for the financial year ended March 31, a 52% drop over the previous year, on turnover down 7% to ¥1,244bn. Net income fell 61% to ¥32.4bn.

The group notes that business conditions became "extremely severe' from Q3 2008 onwards with "sharp appreciation of the yen, significant decline in dry bulk freight rates from the second Quarter, and steeply declined cargo movements in business related to containership transportation and the marine transportation of cars."

As a result "K" Line Group founded its Economic Emergency Task Force in December 2008, and launched a raft of initiatives aimed at "improvement of profitability, cost reduction and risk management."  [01/05/09]