The Japanese shipping conglomerate K Line posted Yen 26.8 billion (USD 223.1 million) in net income for the fiscal year ending March 2015, a 61% surge year-on-year.
The company’s revenues stood at JPY 1.35 trillion, against JPY 1.22 trillion, up 10% from the prior year.
K Line’s container shipping business rebounded from a loss of JPY 100 million, posting JPY 20.6 billion profit in 2014 fiscal year.
The company said its container cargoes rose 4% year-on-year amid steady cargo movements and falling bunker prices pushing company into the black.
The company’s dry bulk business recorded higher revenues but lower income amid market fluctuations. A similar situation has been reported in the company’s car carrier sector.
Other businesses of the conglomerate remained steady except for its offshore energy arm that recorded a loss.
For the 2015, the company expects operating revenues to reach JPY 1.46 trillion and a net income of JPY 20 billion.
World Maritime News Staff