News
Japan's three major shipping companies all announced consolidated business results for the first quarter (April-June) of fiscal 2021 on Aug. 4. They earned a combined net profit of ¥357.227 billion, accomplishing a remarkable improvement of ¥341,007 billion from the corresponding three months of the previous fiscal year. As such, they have upwardly revised their respective consolidated annual business performance forecasts for fiscal 2021.
Nippon Yusen Kaisha (NYK) registered sales of ¥504.611 billion, up 39.7%, on which a net profit of ¥151,093 billion was made, up 1,193.1%. On sales of ¥288.874 billion, up 14.9%, Mitsui O.S.K. Lines (MOL) marked a net profit of ¥104,147 billion, up 1,796%. Kawasaki Kisen Kaisha (''K'' Line) earned a net profit of ¥101.987 billion, a remarkable comeback from a loss of ¥955 million, on sales of ¥174,743 billion, up 14.8%. As these figures show, they all achieved significant growth in profit.
Thanks to the recovery of the global economy, situations changed drastically from a year earlier. Consequently, NYK, MOL and ''K'' Line all performed well in the dry-bulk transport of natural resources and grain. Their car carriage services also picked up, working as another factor to help them unveil notable improvements in business results. A recovery in the sales of Ocean Network Express Japan (ONE Japan), an amalgamation of their container transport units, was contributory as well. The three parent companies all posted returns of investment of more than ¥80 billion, which were good enough to increase their net profits.
For fiscal 2021, NYK has made an upward revision of its original profit projection. Now, it anticipates a consolidated net profit of ¥500 billion, up 259.1% from fiscal 2020. Having taken a similar step, MOL expects its group will make a net profit of ¥335 billion, which is greater by 272%. ''K'' Line has also followed suit. A consolidated net profit of ¥265 billion is envisaged now, an increase of 143.8%.
