NYK ups annual forecast after a 91% jump in 3rd quarter profit

Japanese shipping giant NYK Line has raised its fiscal year forecast after nearly doubling its net profit in the nine months ended Dec. 31 to Yen 93.15 billion ($816 million), compared to Yen 48.66 billion in the same period a year previously.

NYK's operating income after three quarters jumped 93 percent to Yen 148.6 billion ($1.3 billion) while revenue climbed 20.1 percent to Yen 1.93.trillion ($17 billion).

Revenue from bulk shipping, the group's biggest sector, increased 32.8 percent to Yen 760.4 billion ($6.7 billion). Container shipping sales gained 16.8 percent to Yen 503.9 billion ($4.4 billion) while NYK's logistics division increased its revenue by 16.5 percent to Yen 409.8 billion ($3.6 billion).

For its 2007 fiscal year ending March 31, the Tokyo-based company is now forecasting net profit of Yen 120 billion ($1.1 billion), operating profit of Yen 200 billion ($1.85 billion), and revenue of Yen 2.58 trillion ($23.9 billion), up from its projections three months ago for net profit of Yen 111 billion, operating income of Yen 182 billion and revenue of Yen 2.54 trillion. 

Source:American Shipper