K Line Cuts Executives’ Pay by 10 Pct

kessIllustration. Source: Pixabay under the CC0 Creative Commons license

Japan’s Kawasaki Kisen Kaisha (K Line) has decided to reduce the pay of its executives from April 2019 as the shipping company is working towards improving its financial strength.

As informed, K Line’s executive remuneration will be reduced over a period of six months by 10% as compared to 2018 fiscal year.

The reduction comes in order for K Line to clarify its management stance towards the recovery of the company’s business performance during 2019 fiscal year, the company said.

For the fiscal year ended March 31, 2019, K Line suffered a loss of JPY 111.2 billion (around USD 1 billion), compared to a profit of JPY 10.4 billion seen in the previous fiscal year. The net result was negatively impacted mainly by losses in the company’s containership business it jointly owns with MOL and NYK.

“K Line and our group companies will continue to strive as one to improve profit and loss under the new management, being strongly determined to make every possible effort to again return to the black in 2019,” the company said in a statement.

Related: K Line Readies for Major Loss, Starts Structural Reform

Share this article

Follow World Maritime News

Posted on May 22, 2019 with tags .

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >