Kintetsu World Express profit soars 72%

Kintetsu World Express, Japan’s secondlargest international forwarder said that its profit surged 72.4 per cent in fiscal 2010, which ended on 31 March 2011, from the previous fiscal year to 7.9 billion yen (US$97.3 million) on a consolidated basis. Tokyo-based KWE’s group operating revenue soared 26.4 per cent in fiscal 2010 to $3.3 billion yen […]


Kintetsu World Express, Japan’s secondlargest international forwarder said that its profit surged 72.4 per cent in fiscal 2010, which ended on 31 March 2011, from the previous fiscal year to 7.9 billion yen (US$97.3 million) on a consolidated basis. Tokyo-based KWE’s group operating revenue soared 26.4 per cent in fiscal 2010 to $3.3 billion yen as demand for both air and sea cargo services grew. Its group operating profit swelled 59.7 per cent to $146.9 million yen. The sharp rise in profit came despite extraordinary losses totaling $13.46 million yen, which include a provision of $12.52 million related to antitrust investigations by the US Department of Justice. KWE predicted much smaller rises in both group revenue and profits in fiscal 2011, citing higher crude oil prices and the effects of the devastating earthquake and tsunami that hit northeastern Japan.