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K Line reports first quarter profit

K Line reports first quarter profit
Kawasaki Kisen Kaisha (K Line) joins compatriot Mitsui OSK Lines (MOL) in returning a profit in the first quarter of the financial year.

K Line reported a net profit of JPY6.79bn ($70.8m) for the first quarter ended 30 June, compared to a loss of JPY674m in the same period a year earlier. Revenues were up 8.1% at JPY295.7m for the quarter.

While K Line said the shipping market remained poor other factors such as lower fuel prices and depreciation of the Japanese yen against the US dollar helped it achieve a positive result.

“In all, the business environment surrounding the shipping industry remained unstable despite positive factors towards our business such as moderation of the soaring fuel price as well as excessive appreciation of the yen that had last several years,” K Line said.

In terms of sector performance at operating level container shipping broke even, bulk shipping made a JPY12.2bn profit, and offshore energy support and heavy lift lost JPY1.2bn.

Looking ahead K Line is forecasting a net profit of JPY14.5bn for the financial year ended 31 March 2014 with revenues of JPY1.18trn.

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