Kawasaki Kisen Ups Revenue Forecast on Rosy Container Ship Business
Tokyo, July 25, 2008 (Jiji Press) - Major shipping company Kawasaki Kisen Kaisha Ltd. <9107> said Friday it has raised its group revenue forecast for fiscal 2008 to next March due to the strength of its mainline container ship operations.
The revenue estimate now stands at 1.4 trillion yen, up from the earlier projection of 1.34 trillion yen. The revised figure is up 5.2 pct from the fiscal 2007 revenue.
In the container vessel operations, demand for Europe- and Latin America-bound shipping services are faring well, more than offsetting a slump in North America-bound services, Kawasaki Kisen said.
With the robust container ship business seen absorbing the negative impact of soaring fuel costs, the firm kept its fiscal 2008 group profit forecasts unchanged. Operating profit is estimated at 124 billion yen, down 4.4 pct from fiscal 2007, and net profit is projected at 78 billion yen, down 6.0 pct.
For the April-June first quarter, Kawasaki Kisen reported a group revenue of 349,489 million yen, up 13.0 pct year on year. Operating profit fell 0.5 pct to 32,146 million yen while net profit was down 16.6 pct at 21,531 million yen.
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