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NYK posts $277m extraordinary loss on dry bulk fleet revaluation
Nippon Yusen Kaisha (NYK) has posted a JPY33.5bn ($277.5m) extraordinary loss in the third quarter of year ended 31 March 2016 as it reduced the book value of its fleet inline with current market prices and expectations.
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Kalyakan - stock.adobe.com
NYK said that the extraordinary loss came after it re-assessed the recoverable value of its dry bulk vessels, and that of the JPY33.5bn loss, some JPY20.9bn came from a single consolidated subsidiary.
The extraordinary loss is not reflected in its net profit figures and NYK posted a net profit of JPY22.82bn for the first nine months of the year, down 19.8% a JPY29.45bn net profit a year earlier. Revenues saw a slight decline of 0.9% to JPY1.77trn in the first nine months of the year compared to JPY1.78trn in the previous year.
NYK also nearly halved its full year profit forecast JPY25bn compared to JPY47bn previously.
“NYK Line revised its forecast of consolidated financial results because conditions in the maritime shipping market have been more sluggish than originally foreseen, and the performance of its container shipping and dry bulk transport businesses is expected to be lower than previously forecast,” the company said.
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