ME car carrier route boosts K Line net profits
A strong Middle East car carrier route has contributed to Kawasaki Kisen Kaisha Ltd ("K" Line Group) recording an increase in net profits for the 2013 first quarter, ended June 30.
"K" Line reported a US$70.8 million net profit for the first three months of the year, compared to a US$6.8 million loss in the same period in 2012. Operating profits increased by 8.1% in Q1 2013 compared to 2012.
Positive performance of the company's car carrier business was bolstered by steady cargo routes on the Middle East-bound and North America-bound routes. As a result of "K" Line renegotiating shipping contracts and reorganising service routes, profitibility improved on its Middle East route.
The company’s financial report for Q1 2013 also revealed a 4% increase in the number of loaded containers transported by the group on its service between Asia and North America. However, its overall volume of transportation was 10% down quarter on quarter.