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2 Japanese Shipping Firms Boost Fiscal 1st-Half Revenues

Posted on: Thursday, 10 November 2005, 12:00 CST

By Kyodo News International, Tokyo

Nov. 10--TOKYO -- Two Japanese shipping companies said Thursday their respective revenues in the April-September period grew smoothly on a firm container shipping market, while a fuel cost rise on oil price hikes affected their profitability.

Mitusi O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd. said the container shipping market remained firm in the first half of fiscal 2005, although the dry bulk shipping market eased. Spot fares for very large crude oil carriers turned up in June, they said.

Mitsui O.S.K. reported that its fiscal first half group revenues increased 12.9 percent from a year earlier to 636.4 billion yen.

Group net profit expanded 31.7 percent to 61.79 billion yen.

At Kawasaki Kisen, consolidated revenues grew 10.0 percent to 454.76 billion yen. Group net profit increased 4.0 percent to 34.89 billion yen.

For the whole of fiscal 2005, Mitsui O.S.K. expects to earn 120 billion yen in group net profit, up 22.1 percent from the previous year, on 1.35 trillion yen in revenues, up 15.1 percent. It plans to increase annual dividends from 16 yen per share in the previous year to 18 yen, including 9 yen for the first half.

Kawasaki Kisen estimates group net profit at 64 billion yen, up 7 percent, on 925 billion yen in revenues, up 12 percent. Its annual dividends are planned to rise from 16.5 yen to 18 yen, including 9 yen for the first half.

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Copyright (c) 2005, Kyodo News International, Tokyo

Distributed by Knight Ridder/Tribune Business News.

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Source: Kyodo News International, Tokyo

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