ONE reports losses: As the container market remains tough, the main Japanese shipping companies K Line, NYK Line and MOL reported losses during the first quarter of fiscal year 2018, which covers the period from April 1 to June 30.
NYK Line recorded a net loss of JPY 4,590 million for the period that is reversed from a gain of JPY 5,490 million in the same period of 2017. The consolidated revenues of the company amounted to JPY 464,800 million, compared to JPY 521,700 million in the same period. period of the previous fiscal year.
On the other hand, the net loss of K Line was JPY 19.2 billion (USD 172 million) for the period that decreased from the profit of JPY 8.5 billion in the same quarter of 2017. Operating income for the period were of JPY 212.1 billion, also lower compared to the income for the three-month period in 2017, which stood at JPY 287.4 billion.
MOL recorded a net loss of JPY 1.6 billion compared to a net income of JPY 5.2 billion the previous year.
Registered revenues of JPY 304.4 billion were also lower compared to the corresponding JPY 403 billion of revenue last year.
The three companies attributed their losses to the launch of Ocean Network Express (ONE) in April, as well as the increase in oil prices. As reported, the costs associated with the launch of ONE were higher than expected and indicated the completion of the trio’s container business.
