NYK forwarder YAS posts 42pc profit hike to US$16.6 million

NYK LINE's logistics arm, Yusen Air & Sea Service (YAS), has posted a 42 per cent profit increase to US$16.6 million for fiscal 2009 drawn on an annual revenue of $1.3 billion, a decline of 26.3 per cent.

The Japanese forwarder reported lower demand for sea and air cargo services on European and North American routes, down 35.4 per cent for a loss of $53,800. Operating profit declined 49.5 per cent to $24.8 million while ordinary earnings fell 37.9 per cent to $35.8 million, reported Newark's Journal of Commerce. YAS, which next year will add NYK domestic logistics entity NYK Logistics to its portfolio, has forecast a 146 per cent increase in net profit for fiscal 2010.

(Source: www.schednet.com)