K Line has reported the worst performance among Japan’s ‘big three’ public owners posting a first half loss of JPB 24.6bn ($217m).
The latest result marks a dramatic reverse from a year ago when the company was able to book a net profit of JPY 13bn.
The Tokyo-listed shipowner also saw revenue for the quarter plunge by JPY 162.8bn, or 28%, to JPY 416.1bn compared to a year ago.
Its liner division, or what it now dubs ‘product logistics’, saw revenue slide JPY 177bn, or 44% to JPY 225.4m. It posted an operating loss of JPY 23.1bn.
After the poor first quarter, K Line said loss after tax deteriorated due to an increase in operational costs from returning empty containers to Asia as well as from higher bunker prices.
The company now anticipates a full year loss of JPY 20bn, an improvement on earlier forecasts of JPY 21.5bn.
