NYK, K Line back in the black, MOL deep in red ink

Two of Japan’s “big three” shipowners reversed losses to report profits for the first nine months of the financial year ended 30 March 2013.

NYK reported a $39.8m net profit for the nine-month period having reported a JPY67.3bn ($740m) loss in the previous year. K Line also moved back into the black with $108.6m profit for the nine-month period ended 31 December 2012.

The situation was less pretty for MOL a JPY58.7bn loss for the first nine months of the financial year. Much of the loss was blamed on the reversal of deferred tax assets, but even without the substantial hit these had on the bottomline MOL lost JPY11.3bn at an operating level.

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