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NYK full year profits up, despite extraordinary loss for subsidiary
Nippon Yusen Kaisha (NYK) announced an improvement in its profitability for the year ended 31 March 2014 (FY2013) despite being hit by a JPY5.32bn ($53.3m) extraordinary loss for one of its subsidiaries.
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Kalyakan - stock.adobe.com
NYK reported a net profit of JPY33bn for FY2013 up from JPY18.8bn in the previous year. In the fourth quarter the company JPY16.7bn extraordinary loss, which offset by extraordinary gains in the resulted in annual extraordinary loss of JPY16.7bn. It said the extraordinary loss in the fourth quarter related to a “provision of allowance for doubtful accounts towards
credit against one of our subsidiaries”.
The company reported revenues of JPY2.23trn in FY2013 up from JPY1.89trn in the previous year.
Commenting on the results NYK said: “In the business environment surrounding the shipping industry, a number of positive signs emerged despite the prolonged high bunker oil prices and a strong sense of uncertainty over the direction of freight rates.”
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