Kintetsu World Express posts record 2011

Major Japanese international freight forwarder Kintetsu World Express, Inc. (KWE) said that its group net profit rose 21.1 per cent in fiscal 2011, which ended on 31 March, from the previous fiscal year to US$119.31 million, the largest amount on record.


Kintetsu World Express posts record 2011


Major Japanese international freight forwarder Kintetsu World Express, Inc. (KWE) said that its group net profit rose 21.1 per cent in fiscal 2011, which ended on 31 March, from the previous fiscal year to US$119.31 million, the largest amount on record. Tokyo-based KWE’s group operating revenue edged down 1.2 per cent in fiscal 2011 from fiscal 2010 to $3.31 billion. Its group operating profit increased 16.2 per cent to $172.80 million.

KWE said that although its mainstay air cargo operations were sluggish, it vigorously pushed ahead with costcutting efforts, such as closing or merging some business offices, resulting in the record net profit. Looking back on the last fiscal year, KWE said in an earnings release: “The global economy was generally lackluster because of growing concerns about a recession amid the widening debt crisis in Europe and signs that growth in such emerging economies as China and India was also slowing.”

“Japan’s economic outlook grew increasingly uncertain for various reasons, including the effects of the Great East Japan Earthquake and heavy floods in Thailand, a slump in overseas demand and the prolonged appreciation of the yen. But the Japanese economy began to recover gradually in the second half of the last fiscal year,” KWE said.