Kintetsu World Express, Japan’s second-largest international forwarder, said it suffered a drop in profit on a consolidated basis between April and December from a year earlier despite revenue growth. Group operating revenue during the first three quarters of fiscal 2008 totaled Â¥221.634 billion yen (US$2.42 billion), up 4 per cent on-year. But group operating, ordinary and net profits all fell because of repeated hikes in fuel surcharges and a sharp decline in the volume of air cargo volumes as a result of the spiralling global economy. Operating profit declined 17.3 per cent to US$88 million, ordinary profit dropped 17.2 per cent to US$94.4 million, and net profit plunged 20.2 perc ent to US$55.2 million. Full-year operating, ordinary and net profit is expected to fall 36.3 per cent, 34.8 per cent and 30 per cent, to US$93.8 million, US$96 million and US$61.1 million, Kintetsu said.
Related Articles
Xeneta reports resilient air cargo market despite July IT outage
Lufthansa Cargo presents commitment to transforming the aviation industry
Lufthansa Cargo continues to rely on the cargo handling services of Vienna Airport
Vietjet Air Cargo, Teleport deepen partnership with exclusive commercial rights on first key lane
Budapest Airport Revolutionises Cargo Operations With Kale Info Solutions’ Airport Cargo Community System
RTX’s Pratt & Whitney announces GTF MRO capacity expansion at West Palm Beach facility