Yusen starts recovery from record low
04 / 05 / 2010
JAPANESE forwarder Yusen Air & Sea Service (YAS), the logistics arm of NYK line, made US$16.6 million in the financial year 2009/10, an increase of 42.6 per cent from last year’s record low.
However, the group’s operating revenue for the year fell 26.3 per cent to $1.3 billion operating profit fell 49.5 per cent to $24.8 million and pre-tax profit also down 37.9 per cent to $35.8 million.
The financial year before, the group’s profit fell a staggering 85.1 per cent from the year before to $11.6 million, due in part to the $18.6 million fine it had to pay for airfreight price fixing.
This financial year, YAS says that it predicts a 21.5 per cent increase to its group operating revenue, up to $1.6 billion, and a 146 per cent increase to its net profit, to $40.9 million, compared to last year.
“The world economy has emerged out of its deep slump seen in early 2009. Helped by governments’ economic stimulus measures, the economies of Asian countries, led by China, were the first to move toward recovery, and the US economy followed them in the third quarter of fiscal 2009 although the economies in Europe remain sluggish on the whole,” YAS said in a statement.
“Meanwhile, the Japanese economy, helped by increased exports, primarily to the rest of Asia, and government stimulus measures, recovered at a moderate pace in fiscal 2009. But it has yet to achieve a full-fledged recovery as consumer spending and corporate capital investment remain sluggish,” the company added.