Kintetsu’s record profits

JAPANESE freight forwarder Kintetsu World Express (KWE) says its net profit rose 21.1 per cent to US$119.3m between 2011 and 2012 despite a decline air cargo volumes. 
The company attributed the Great East Japan Earthquake and a drop in global demand for products, such as flat-panel televisions and personal computers, to the sluggishness of its air cargo operations in the last financial year.
“The global economy was generally lacklustre 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,” a spokesman states.
KWE, which also revealed its group operating profits had increased 16.2 per cent to $172.8m, said forging ahead with cost-cutting plans, such as abolishing or merging some of its offices, had contributed to the record profit figure.
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