Kintetsu profit declines

Kintetsu World Express, Japan’s second-largest international forwarder, said it suffered a drop in profit on a consolidated basis between April and December from a year earlier despite revenue growth. Group operating revenue during the first three quarters of fiscal 2008 totaled Â¥221.634 billion yen (US$2.42 billion), up 4 per cent on-year. But group operating, ordinary […]


freight forwarder Japan Kintetsu World Express recession


Kintetsu World Express, Japan’s second-largest international forwarder, said it suffered a drop in profit on a consolidated basis between April and December from a year earlier despite revenue growth. Group operating revenue during the first three quarters of fiscal 2008 totaled Â¥221.634 billion yen (US$2.42 billion), up 4 per cent on-year. But group operating, ordinary and net profits all fell because of repeated hikes in fuel surcharges and a sharp decline in the volume of air cargo volumes as a result of the spiralling global economy. Operating profit declined 17.3 per cent to US$88 million, ordinary profit dropped 17.2 per cent to US$94.4 million, and net profit plunged 20.2 perc ent to US$55.2 million. Full-year operating, ordinary and net profit is expected to fall 36.3 per cent, 34.8 per cent and 30 per cent, to US$93.8 million, US$96 million and US$61.1 million, Kintetsu said.