[050220.EN.SEA] 'K' Line Posts US$3.01 Million Net Loss For The First Nine Months of 2019,

JAPAN's Kawasaki Kisen Kaisha, or "K" Line, posted a year-on-year net loss of JPY331.88 million (US$3.01 million) for the first nine months of 2019, drawn on revenues of JPY567.1 million, down 11.1 per cent.

Of it's containership business, taken over by Singapore-based Ocean Network Express (ONE), "the company's recovery of the liftings and the space utilisation, improvement of the freight rate of long-term contracts in North America dominated services. ONE overall recorded a year-on-year increase and turned a profit," said the "K" Line statement accompanying the results.

"Regarding the containership business remaining in the company, a year-on-year decrease in revenue was recorded, but a loss was narrowed due to a decrease of the temporary losses occurred by the business transfer. As a result, the overall product logistics segment recorded a year-on-year decrease, but profit increased," it said.

Source : HKSG.