Nippon Express Co., Japan’s largest freight forwarder and major express player, suffered a declinein its half-year profits despite increased sales due to higher fuel costs and other negative
factors, the Journal of Commerce reported.For the April-September period, group sales increased 3% to 951.9 billion yen (€7.66billion). Nippon attributed the sales growth largely to the increased demand for its cargo servicesnationwide as well as in Europe, Asia and Oceania region.But profits fell with operating profitdeclining 6.1% to YEN 18.9 billion (€152.1 million) and net profit decreasing 15.8% to YEN 10.8billion (€86.9 million).
Due to the profit slump and sales increase, the company has revised its full-year group salesand profits forecasts. For the full year ending in March 2009, Nippon now expects sales of YEN1.944 trillion (€15.42 billion), up 0.5% and a net profit of YEN 25.6 billion (€ 202.75 million),down 9.2% compared to the previous forecast released in July. The forecast for the operation profitremained unchanged with the estimated YEN 45.4 billion (€359.31 million).
