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K Line cuts profit forecast on cost fears.
(From Lloyds List)
JAPAN'S K Line has cut its net profit forecast by 12.5% to YEN21bn ($181.7m) for the six months to September, writes Keith Wallis in Hong Kong.
Announcing the firm's revised earnings estimates last Friday, K Line predicted that recurring profit would drop 18.5% to YEN26.5bn for the six months to September, while turnover would climb 2% to YEN515bn.
The new forecasts compare with previous estimates earlier this year which envisaged a net profit of YEN24bn and recurring profit of YEN32.5bn on sales of YEN505bn in the interim period.
The current forecasts show a marked decline in profit compared with the same period last year when K Line reported a net profit of YEN34.89bn and a recurring profit of YEN49.63bn. Turnover topped YEN454.76bn.
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