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K Line returns to profit in Q3

K Line returns to profit in Q3

Tokyo: Japan-based K Line returned to profit in the third quarter of 2010 as it took cost cutting measures and container freight rates improved.

Revenue for the three months ended 31 December 2010 climbed to 241.5bn yen ($2.9bn) from a loss of 212.5bn yen in the corresponding quarter in 2009, K Line said in a statement on Monday. Net profit also rose to 6.9bn yen as against a net loss of 18.7bn yen in the same period of 2009.

In the near-term, the container business outlook is expected to decline during the Chinese New Year holidays across most of Asia, while the longer term economic uncertainties in Europe and US would also contribute to a slowdown, according to K Line.

The company added that the dry bulk market continues to come under pressure from newbuildings and the ongoing flooding damage in Australia. It said moderate recovery is only expected from the middle of February onwards. [01/02/11]